Who’s afraid of the big, bad AMT (Alternative Minimum Tax)?
Before recent tax reform took effect, you’d be afraid if your AMT liability was higher than your regular federal tax liability. (You’d have to pay the difference in additional taxes.)
Now that tax reform is the law, you’ve got much less to fear from the onerous AMT.
The bottom line? Changes in the law mean you’ll keep a lot more money in your pocket as we’ll explain when you read my new article titled Tax Tips: Good News: Tax Reform Lands a Blow to AMT!
Three ways our fact-filled article can help you:
- We’ll tell you who comes out a winner. If you own a C corporation, congratulations. You are the big AMT winner. You see, tax reform completely eliminates AMT for C corporations. (C corporations are now subject only to a flat 21% income-tax rate.) For individual taxpayers, the news is also good. Tax reform increases the AMT exemption amounts (and they will continue to increase for inflation). You’ll get the whole story when you read the full after-tax-reform article.
- We’ll explain other positive changes that impact AMT. Tax reform also took an ax to the three most common deductions triggered by AMT. We’ll tell you what they are and how they’ll help keep your tax bill low when you read the full after-tax-reform article.
- We’ll tell you the good news about AMT and Section 199A. Did lawmakers give a deduction for pass-through businesses and then take it away with AMT? Some tax educators say “yes.” We say “NO!” We’ll provide our reasons for believing that AMT won’t claw back your new pass-through deduction when you read the full article.