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Tax Insight: For Tax Year 2014 and Beyond, THIRD EDITION by M.Casey Murdock

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CHAPTER 31

The Alternative Minimum Tax

Let the Fear and Trembling Begin

Every year more people are becoming aware of the existence of the Alternative Minimum Tax (AMT). Some of this awareness is the result of the media’s focus on it. Unfortunately, though, many people become aware of this tax only because it has shown up on their tax return unexpectedly. Every year more middle-income Americans find themselves caught by the AMT, and it is painful when it catches you.

The AMT is like that kid in school who said he would share his candy with you if you did something for him and then, after you did it, he just laughed as he ran away. In the same way, the AMT reneges on the promise that certain deductions will reduce your taxes. After you sacrifice ...

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