AMT Exemption

(redirected from Alternative Minimum Tax Exemption)

AMT Exemption

The amount of a person or company's income or profit that is not subject to the alternative minimum tax. The AMT exemption gradually decreases as one's income or profit increases.
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The American Taxpayer Relief Act contains many more provisions that affect taxpayers, individual, corporate and estate tax planning: permanent alternative minimum tax exemption rates, bonus depreciation, increased Section 179 expensing limits, teacher expense deductions, charitable contributions from your IRA and more.
Among the subjects covered for individuals are the first-time home-buyer credit, college-funding tax credit, unemployment benefits, benefit for use of public transit and the alternative minimum tax exemption.
THE WORKING FAMILIES TAX RELIEF ACT OF 2004 extends the alternative minimum tax exemption of $58,000 (married filing jointly) and $40,250 (single) through 2005.
Topics covered include making the most of rebate checks or tax credits, lower marginal rates, increased child tax credit, and increased alternative minimum tax exemption.
According to a recent Treasury Inspector General for Tax Administration (TIGTA) report, More Small Corporate Taxpayers Can Benefit from the Alternative Minimum Tax Exemption Provision (Ref.
2007, President Bush approved increasing the alternative minimum tax exemption amount for 2007 to $66,250 for married taxpayers and $44,350 for unmarried taxpayers (from $62,550 and $42,500, respectively, in 2006).
Tax Rates on Investments in 2003 Marriage Relief Penalty Child Tax Credit Increased Alternative Minimum Tax Exemption Relief for Small Business Owners Individual Retirement Accounts
Likewise, those benefits targeted not to exceed high-income levels (such as the new child care credit, new education credits and IRAs, and the new Roth IRA, as well as the existing alternative minimum tax exemption, itemized deductions, personal exemptions, adoption credit and exclusion, Series EE bond exclusion, and Sec.

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