Congress Fails to Repeal AMT
The Alternative Minimum Tax (AMT) which shocks many middle income taxpayers with big tax bills, has not yet been repealed by Congress. Because the AMT was enacted in 1969 and has not been indexed for inflation, more taxpayers have to pay increased taxes each year.
Some items that affect the AMT include:
Children Under 18 subject to the “Kiddie Tax”
Gains on S Corporations conversions
If you have any questions about this, call now while some planning can be done!
Ronald J. Cappuccio, J.D., LL.M.(Tax)