Ask a CPA

In the mid 1980s the alternative minimum tax was introduced to make sure high earners paid their fair share of taxes. Unfortunately over the years, as a result of inflation, more and more individuals are subject to this tax computation. The Alternative Minimum tax is almost like a flat tax in that it limits the tax deductions one can take. If the alternative minimum tax calculation, computed on IRS form 6251, results in a higher tax than the regular income tax computation, then you pay the alternative minimum tax. Certain deductions may trigger the alternative minimum tax including, but not limited to, deductions such as real estate taxes, state taxes and interest on home equity loans , and miscellaneous investment or job expenses.

Finding out the status of your refund is easy. Just Go to the IRS website at Where's My Federal Refund?

No - Consumer - non business debt is not an allowable deduction.

Sorry- you cannot deduct the value of your time for the services you provided. . However you may deduct the actual travel expenses incurred or use a mileage allowance of 14 cents a mile. This can be taken on Schedule A as a non-cash contribution.

Contributions to your grandson's tuition directly does not reduce the annual gift tax exclusion of $13,000. The gift tax exclusion for paying another's tuition or medical expenses directly is unlimited.

Contributions to your grandson's tuition directly does not reduce the annual gift tax exclusion of $14,000 ($13,000 in 2012). The gift tax exclusion for paying another's tuition or medical expenses directly is unlimited.

No - there are no catch provisions. The limitations are the same. 25% of compensation but no more than $51,000.

Generally, you must determine the value of noncash fringe benefits no later than January 31 of the next year. Before January 31, you may reasonably estimate the value of the fringe benefits for purposes of withholding and depositing on time.
For employment tax and withholding purposes, you can treat fringe benefits (including personal use of employer-provided highway motor vehicles) as paid on a pay period, quarter, semiannual, annual, or other basis. You do not have to choose the same period for all employees. You can withhold more frequently for some employees than for others.
You can add the value of fringe benefits to regular wages for a payroll period and figure income tax withholding on the total. Or you can withhold federal income tax on the value of fringe benefits at the flat 25% rate that applies to supplemental wages.

You must use the general valuation rule to determine the value of most fringe benefits. Under this rule, the value of a fringe benefit is its fair market value.
The fair market value (FMV) of a fringe benefit is the amount an employee would have to pay a third party in an arm's-length transaction to buy or lease the benefit.
Neither the amount the employee considers to be the value of the fringe benefit nor the cost you incur to provide the benefit determines its FMV.

The value of lodging is not taxable if as a condition of employement the employee must accept the lodging on the employer's business premises for the employer's convenience.
The exclusion does not apply if you allow your employee to choose to receive additional pay instead of lodging.