Navigating the Alternative Minimum Tax for Individual and Corporate Taxpayers
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Implement effective planning and tax preparation to understand your taxes and save money.Too many taxpayers end up paying large sums of money to the Internal Revenue Service (IRS) due to the Alternative Minimum Tax (AMT); this is both a confusing and complicated tax calculation, which may require hours to calculate and cost thousands of dollars. Taxpayers often endeavor to lower their tax burden, only to be surprised by the extra taxes imposed by the AMT. This topic will show how to recognize when the AMT will 'kick in'; knowing this can save hours of time from compiling records for which the IRS will not allow deductions. In addition, there may be some areas where the tax liability can be reduced - putting money back in your pocket. Taxpayers are often surprised how their valuable deductions simply disappear under the AMT, leading to more money being paid to the IRS. It is important to know how the new tax laws (Tax Cuts and Job Act) affect one's taxes, especially as it relates to the AMT. Understanding tax rules goes a long way towards saving time and tax dollars.
AuthorsBrian D. Levine, M.B.A., CPA, Brian D. Levine, MBA, CPA
Overview of Alternative Minimum Tax
• Why Is There Alternative Minimum Tax Anyway?
• What Is the Alternative Minimum Tax (AMT)?
• Did the New Tax Laws (Tax Cuts and Jobs Act) Eliminate the AMT?
Does It Really Take Hours to Calculate the AMT?
• Why Shouldn't I Rely on My Tax Software to Calculate the AMT?
• How Is the AMT Calculated?
• Can I Do Anything to Reduce This Extra Tax?
AMT for Individuals
• IRS Forms
AMT for Businesses
• More IRS Forms
• Net Operating Losses (NOL)
• Credits and Limitations for Prior Years
• Can I Get a Credit for AMT I Paid in Prior Years?
Understanding It All as a Whole