CHAPTER 28
Alternative Minimum Tax
Alert
At the time this book was printed, Congress had not extended numerous breaks for 2012 that had expired at the end of 2011. Check the online supplement in February 2013 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2012 returns.
Reducing regular tax is only half the battle that a small business owner wages to increase after-tax returns. Minimizing or avoiding alternative minimum tax (AMT) where applicable is a second important front that must be addressed. Some business owners may find themselves subject to AMT if they have certain substantial deductions and/or credits.
In this chapter you will learn about:
- Alternative minimum tax basics
- Exemption for small corporations
- Deduction limits for AMT
- Credit offsets
- Minimum tax credit
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