The alternative minimum tax (or AMT) is an additional tax some taxpayers pay in addition to their regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax. The AMT has increased its reach, however, and now applies to some people who don’t have very high income or who don’t claim lots of special tax benefits. The IRS has some good tools available to see if you qualify for the AMT (see below) or, if you would prefer, you can contact me for a consultation.
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