Alternative Minimum Tax (AMT)
The Alternative Minimum Tax Explained
The federal income tax system features the Alternative Minimum Tax in two forms. One for the corporations and one for the individuals. The alternative minimum tax rate is dependant of the alternative minimum taxable income. The AMT taxes are 26% or 28% for individuals and 20% for corporations.
The AMT capital gains tax was introduced in the Tax Reform Act of 1969 . There has been an increase of middle income taxpayers finding themselves subject to this AMT tax.
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Taxcafe's brand new guide "The Alternative Minimum tax explained" by Nick Braun focuses on different areas of the AMT rules and tax deductions. This guide will help you calculate AMT and help you in reducing AMT you are paying. For more information click here.
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