Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available.
More Quotes from Mark Luscombe:
Once they file for an extension one year, it sort of becomes a habit. I know people who do it regularly who don't have any particular reason they couldn't have had their information together by April 15.Mark Luscombe
You don't have a filing requirement because you don't have a tax due. But if you had withholding, you've paid tax. It's worth your while to file a return to get your money back.
Mark Luscombe
Congress failed to extend the exemption increase into 2006. I think they still intend to do that, just retroactively.
Mark Luscombe
The one thing that can make a bad situation worse is not filing your return or requesting an extension. That brings on a failure-to-file penalty, in addition to possible penalties and interest for failure to pay. It's smart to file even if you can't pay, and pay even if you get an extension to file.
Mark Luscombe
You import shoes and make the shoelaces domestically. The shoes don't qualify because they're imported, but the shoelaces do. So you have to allocate costs to and income from the shoelaces separate from the shoes.
Mark Luscombe
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