A refund could be buried in your old tax returns
Individual taxpayers who have paid alternative minimum tax (AMT) as a result of timing differences, including depreciation add-backs passed through to them by an S corporation or an LLC, may have unknowingly accumulated minimum tax credits. This could translate into cash!
Restaurant owners are likely candidates for an AMT credit refund. If you paid AMT from 1986 forward, you may be entitled to a refund of some or all of that tax. The professionals with SS&G can determine whether you are eligible for a refund by reviewing a few specific items on your personal returns as far back as tax year 1986. The refundable amount is cumulative, so the more returns we review, the larger your potential refund!
The window of opportunity to claim these refunds will expire for some as early as April 15, 2012, so don’t delay! Contact Lisa Haffer at 800-869-1834 or LHaffer@SSandG.com to learn if you are eligible for a refund.