What they don’t want you to know…
This video points out the tremendous effect of the AMT on merchant mariners. Seamen taking business deductions and offsets may very well be realizing little to no benefit from these offsets. It also examines some alternatives that may or may not assist in alleviating the effect of the AMT. It’s important to examine the short term and long term benefits of tax strategies. Tell your tax planner your short and long term goals.
AMT Effect on mariners incidental per diems
These expenses, like all employee business expenses are subject to AMT limitations. When a mariners income gets to a certain point, these deductions have little to no effect.
Mariners in the situations outlined in the video should pursue long term tax planning strategies to address AMT. Bogus Sailor tax offsets will not be effective.
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