6 Facts You Must Know about the Alternative Minimum Tax


If you haven’t heard of the Alternative Minimum Tax (AMT) you should know about it, especially if it applies to you. Our tax laws give you the opportunity to claim relevant tax benefts for certain kinds of income and tax credits for certain expenses. The AMT is to make everyone who benefits from tax breaks and credits pay a minimum amount of tax. There is an alternative set of rules that determines how much tax you are required to pay depending on the income you make. If your regular tax falls below this minimum, you will be required to make up the balance up to the minimum amount payable.

The IRS wants you to know these 6 basic facts about the AMT...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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