OK I am officially stunned!
I have used turbo tax again (as I usually do each year) but after entering in all my deductions and my wifes deductions (running team as company drivers currently) we will be getting a MUCH smaller refund than we expected.
Earnings were 126K with almost 30K off for per diem (together) and another 12K for medical deductions. Factor in all the other little things and instead of getting a 7 grand refund (which I expected) we are only showing about 1800. for a refund.
I have gone over the numbers several times but have never been faced with this before.
Any suggestions on how to get around this AMT BS?
We sure as heck ain't wealthy, and from what I heard this AMT was supposed to focus on the "wealthy" and make them pay more in taxes rather than use all kinds of loopholes in the tax code.
Help AMT got me!
Discussion in 'Trucker Taxes and Truck Financing' started by jlkklj777, Feb 3, 2009.