[quote=earlyretirement][quote=ocrenter]ER, a depressing read indeed!
Line 1 recommended taking standard deduction?! Just to avoid the AMT? For real??? Talk about the medicine being worse than the disease itself.
The best part was line 25: Intangible Drilling Costs!!! My CPA didn’t tell me about that loophole!!! I’m on the phone so he can submit that amendment STAT! :-)[/quote]
Yeah, it’s sad isn’t it ocr? Talk about a “parallel” universe! LOL. Yes, very very depressing.
Yes, the medicine is definitely worse than the disease itself but at least with the ATRA (American Taxpayer Relief Act) from 2012 there were some great changes including the index for inflation.
This AMT was intended for wealthy people but it was starting to affect people that clearly were NOT wealthy. So at least some changes were made last year with the indexing and also raising the exemptions. (Hey every little bit helps!).
In 2013 about 4 million people I believe will be estimated to pay about $26 BILLION in AMT. Without the modification of ATRA it would be something like 25 million Americans having to pay AMT! And over 50 million by 2025 or so.
So I guess things could be worse! You know the old saying…. “I could complain about my taxes but who would listen?”. LOL.
PS. ocr – there is usually drilling going on but it’s usually the IRS doing the “drilling” and I guess it’s not so “intangible”. It hurts me every time! LOL.[/quote]
The quarterly drilling does ultimately factor into my willingness to work. It really is the case of deminishing returns. Which actually works out for the family. 🙂
