Thank you for this great service. A colleague pays me by check each month to schedule physicians for a moonlighting service. What is the most tax efficient way to declare this income, assuming I am hit with the AMT?

Zip Code: kyu2@mail.med.upenn.edu

I don't see how the AMT should affect how you report this income.

Assuming you're paid with no taxes withheld, you'll report this income on a Schedule C. You'll get to deduct your applicable professional expenses directly against that income. You might also qualify to claim the home office deduction.

By claiming your expenses on the Schedule C, you might actually limit the impact of the AMT. That's because unlike expenses claimed on a Schedule C, items reported as a Miscellaneous Itemized deduction are backed out when calculating the AMT.

Zip Code: aschwartz@mdtaxes.com

Thanks a lot for the great advice.

Zip Code: kyu2@mail.med.upenn.edu