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Thursday, January 05, 2006

ONLINE ALTERNATIVE MINIMUM TAX ASSISTANCE

How do you know when the Internal Revenue Code is too complex? One clue might be the acknowledgment by the IRS that a computer is needed to figure out whether you are subject to the alternative minimum tax (AMT). And that indeed is what things have come to.

The IRS now provides an online tool to assist taxpayers in determining whether they are subject to the AMT, instead of making that analysis manually. While this is surely helpful to taxpayers, it would be even more helpful if Congress would just get rid of the AMT once and for all (as is presently being considered on Capital Hill).

To use the tool, go to AMT Assistant.

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