| Hell hath no fury like a person who just found out | | | | Fortunately, the IRS seems to agree. |
| the alternative minimum tax applies to them. The | | | | Much like those handy online mortgage calculators, |
| IRS has set up an online tool to figure out if you | | | | the IRS has taken the alternative minimum tax |
| do. | | | | into the digital world. It has created a new online |
| Alternative Minimum Tax | | | | tool where you can enter the relevant information |
| The alternative minimum tax is a procedure that | | | | and find out if you are subject to the alternative |
| was set up to keep the richest of Americans | | | | minimum tax. One simply goes to the IRS web |
| from avoiding tax paying responsibilities. As is | | | | site, does a search for "AMT Assistant" and |
| typical of the federal government, the failed to | | | | starts entering information. The process takes |
| include any language adjusting for income growth | | | | between five and 10 minutes if you have your |
| and so on. As a result, the alternative minimum | | | | financial number handy. If you don't, add however |
| tax creams many taxpayers even though it was | | | | much time it takes you to get your records |
| never intended to cover them. | | | | together. |
| So, why don't our beloved leaders just amend the | | | | Now, you might be a little nervous about entering |
| relevant codes? Politicians giving up money they | | | | financial information on the IRS site. What if they |
| can spend on wars and favorite, but unnecessary, | | | | are tracking you? Don't worry. It is anonymous. |
| projects in their districts to keep voters happy? | | | | The information can't be tracked back to you |
| Surely, you aren't that naïve anymore. Oh, | | | | unless the IRS wanted to hunt IP numbers |
| they will talk about repealing or modifying it, but it | | | | through hosting companies and computer |
| just never seems to happen. Hmmmm... | | | | systems. Given it takes 30 minutes just to get an |
| To determine if the alternative minimum tax | | | | IRS representative on the phone, it is highly |
| applied to your situation, you have to take a very | | | | unlikely this will occur. |
| simple step. Fill out your taxes using both the | | | | When you've got your courage up to full tilt, give |
| regular 1040 forms and the alternative minimum | | | | it a try. Maybe, just maybe, you'll find you aren't |
| tax forms. What a complete waste of time. | | | | subject to the alternative minimum tax. |