2009 | 2009 Taxes

Tag Archives: 2009

Gotcha: The Alternative Minimum Tax

February 26, 2010 – 2:27 pm

The Alternative Minimum Tax was established in 1969 as an alternative tax system for individuals that were able to avoid paying taxes while still earning above average incomes. The system is not indexed to inflation and over time has been applied to more and more medium income households. Recent changes to the tax code have attempted to minimize this negative and unexpected event.

By Steve | Posted in Tax Law, Tax Preparation, tax forms, tax returns | Also tagged alternative minimum tax, amt, indexed to inflation, state and local taxes, tax adjustments | Comments (0)

Don’t Take Your Losses!

March 10, 2009 – 3:36 am

Many people have been troubled by the impact of the financial crisis on their savings. If you are retired, you probably know that there is an annual minimum distribution that you are required to take from your IRA if you are 70-1/2 or older, that is, you must take money out every year, or you are penalized on the funds.

By alannorthcott | Posted in Retirement Savings | Also tagged financial crisis, investments, IRA, markets, minimum distribution, retired, taxes | Comments (16)

Credits to Reduce Your Taxes

February 2, 2009 – 7:45 pm

Credits to Reduce Your Taxes A tax credit reduces your tax bill by the exact amount of the credit and is therefore the number #1 way to reduce your tax burden. And for some will little income, credits can actually create a refund beyond what was paid to the government for the tax year. Child [...]

By Steve | Posted in Tax Preparation | Also tagged child credit, credits, earned income credit, income tax, irs, taxes | Comments (7)

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