Showing posts with label Altername minimum tax Assistant. Show all posts
Showing posts with label Altername minimum tax Assistant. Show all posts

Monday, March 29, 2010

File Federal State Individual Taxes before April 15

Have you filed your tax return? April 15 is fast approaching.

April 15 is the last day to file an individual income tax return to IRS for both federal and state tax return. You can either print your tax return and submit it to IRS or E-File your tax return online before April 15 to save late return penalties.

There are many options to file your federal and state taxes quick and free including various software offers and listed companies on FFA page.

To file your Federal tax return free, you can choose the IRS free file program to choose the best company that suits you and your situation.

More information regarding Federal tax software and FFA options are describe in the earlier Post. (http://fstax.blogspot.com/2010/01/prepare-print-e-file-your-federal-taxes.html)

If you are not sure, that you are able to file your taxes before that, you can also file an extension (Form 4868) to the IRS to informing about the delay of your tax return. In that case you are not liable for penalty. Most of the software are also supporting the e-file of extension.

Also if you owe money then you have to pay your owe money with this form either by cheques or by direct debit. If you are e-filing then you have a option of direct debit else if you are sending this form as a paper file you need to attach a cheques along with the form. You can find more information about extension filing on http://www.irs.gov

Friday, March 12, 2010

Alternative Minimum Tax (AMT) Calculator for Individuals

Alternative Minimum Tax (AMT) Calculator for Individuals

Before going how to use this application given by IRS, below is some details on what is Alternative Minimum Tax (AMT)?

The Alternative Minimum Tax (AMT) is a parallel tax system with having its own regular tax, tax income and its related deductions. To figure out whether you owe any additional tax under the Alternative Minimum Tax system, you need to fill out Form 6251.

If the tax calculated on Form 6251 is higher than that calculated on your regular tax return, you have to pay the difference as AMT.

The Altername Minimum Tax Calculator provided by IRS government is intended to provide a simple test who fill out tax returns without using software to determine whether we may be subject to the AMT.

Below is the link from IRS to check the tax liabilities for your AMT called as AMT Assistant.



Answer a few simple questions about entries on draft 1040 and the system will show the results and will tell you that either you do not owe the AMT or that you must go further and complete Form 6251 to find out if you owe the AMT.

All the information are extracted from IRS website. (http://www.irs.gov) and information regarding AMT is taken from http://en.wikipedia.org/wiki/Alternative_Minimum_Tax