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Seek Ways To Minimize The Mushrooming Alternative Minimum Tax, James Trebby, George Kutner
Seek Ways To Minimize The Mushrooming Alternative Minimum Tax, James Trebby, George Kutner
Accounting Faculty Research and Publications
The alternative minimum tax (AMT) is reaching a broader segment of individuals. Yet, many of these taxpayers are not aware of the implications of this tax. Even worse, some of their tax advisors are not as informed as they should be. By identifying items that trigger the individual AMT, taxpayers and their advisors have greater opportunities to develop strategies to avoid the special tax. The AMT is essentially a parallel tax system that involves a separate tax calculation from the regular income tax. The AMT calculation is then compared to the income tax figured under the normal manner. The taxpayer …