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Sample Coursework Paper on Minimizing Taxes and Avoiding Alternative Minimum Tax Provisions That Affect the Client's Tax Liability

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Sample Coursework Paper on Minimizing Taxes and Avoiding Alternative Minimum Tax Provisions That Affect the Client's Tax Liability

The Alternative Minimum Tax (AMT) provision was adopted in 1969 with the aim of ensuring that the high income earners do not pay their taxes through tax shelters and write-offs. The middle level income earners however constantly fall victims of the alternative minimum tax despite the fact that they do not fall under AMT bracket.

One method of avoiding the AMT is through a reduction in the adjusted gross income (AGI). This will consequently reduce the taxable income for AMT, which can be attained by deferring the salary contributions to one’s accounts. The taxable income can further be reduced through payments of dental, life, disability and medical insurances (Southern Methodist University, 2013). The client should also focus on accelerating the local and states deductions so as to reduce the total tax liability. 

Another method of reducing the AMT is through donations. The charitable donation should concur with the amount that can be reduced to keep off the AMT bracket. This strategy may not exclude one from AMT but reduces the taxable amount and as a consequence, taxes paid reduce. One can also delay some of the income receipts to be incorporated in the New Year. It is however advisable not to overuse the receipt delaying and the multiple deductions strategies since AMT rules prohibit such deductions.

It is important that the client is able to select the best time to exercise the incentive stock options (ISOs) since such compensations may lead one to fall under the AMT bracket. This is mainly due to the fact that taxation of such stock does not happen until the stock is sold. A large capital gain can eliminate the ATM exemptions. The client should also refrain from investing in local and states financiers that fund private activities since the interests from such projects are not tax free.

 

References

Southern Methodist University. (2013). Incremental and fundamental tax reform. Dallas, TX: Southern Methodist University School of Law.

 

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Sample Coursework Paper on Minimizing Taxes and Avoiding Alternative Minimum Tax Provisions That Affect the Client's Tax Liability

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Sample Coursework Paper on Minimizing Taxes and Avoiding Alternative Minimum Tax Provisions That Affect the Client's Tax Liability

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