Personal Income Taxes
I cannot promise you a refund but I will squeeze as much that is allowable. There are many gray areas in the tax code. If a position has a realistic possibility of being sustained on its merits, I will advise you on it and any potential penalties and allow you to make the decision. Below are some of the common issues for individual tax payers. Any complaints about income taxes should be addressed to Congress.
AMT (Alternative Minimum Tax) is a good idea gone bad. AMT began in 1969 to ensure that very wealthy taxpayers did not avoid taxes by using large deductions. Unfortunately, the criteria that was enacted has not been adjusted for inflation. As a result, every year "ordinary" taxpayers become subject to AMT and have additional taxes due.
Health coverage or the lack of it is sort of taxable. A penalty is imposed on tax returns if one does not have sufficient health coverage.
I am seeing more taxpayers moving into the income levels where they are subject to the Additional Medicare Tax and the Net Investment Income Tax. In addition their itemized deductions are subject to limitation. This results in an overall higher effective tax rate that may not have been accounted for with withholding.
In accordance with IRS Circular 230, the information on this web site is not intended or written to be used, and cannot be used as or considered a "covered opinion" or other written tax advice and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein; for IRS audit, tax dispute or other purposes.