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Ideas to help AMT?

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    Ideas to help AMT?

    I think I've asked this question before but can't find it. Anyway someone with a huge 2% deduction gets no benefit from it because of AMT. He wants to write off an SUV on a 2106 and I explained it won't help him at all on the Federal. He wants ideas. Income is too high for IRA's , etc. He can donate to charity of course, but aside from that I think it just is what it is. Any ideas?
    JG

    #2
    Get the employer to establish an accountable plan and reimburse the expenses - even if it means taking a salary cut in exchange. Employer takes on the risk of higher than anticipated travel expenses, plus the bookkeeping costs, but otherwise it's a win-win.

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      #3
      Good Idea. Thanks.

      My client was so excited about this idea that he is taking it to management. Thanks so much. If they agree it will same him thousands of dollars in taxes.
      Last edited by JG EA; 12-06-2011, 03:53 PM.
      JG

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        #4
        Originally posted by Gary2 View Post
        Get the employer to establish an accountable plan and reimburse the expenses - even if it means taking a salary cut in exchange. Employer takes on the risk of higher than anticipated travel expenses, plus the bookkeeping costs, but otherwise it's a win-win.
        Maybe I don't understand accountable plans, but I don't see any reason that travel expense reimbursements could not be limited to the amount which the employer anticipates (in order to avoid the risk of higher than anticipated travel expenses).
        Last edited by OtisMozzetti; 12-19-2011, 01:45 PM.

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          #5
          Originally posted by OtisMozzetti View Post
          Maybe I don't understand accountable plans, but I don't see any reason that travel expense reimbursements could not be limited to the amount which the employer anticipates (in order to avoid the risk of higher than anticipated travel expenses).
          That hadn't occurred to me. I don't know the answer.

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