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.
References in periodicals archive ?
Alternative Minimum Tax exemption. In 2014, the alternative minimum tax (AMT) exemption is as set at the following levels:
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. For businesses, the Q&A highlights depreciation, expensing, capital gains, work opportunity credit and penalty relief from underestimating taxes.
Regarding the interim step, Marc Cadin, AALU's vice president of legislative affairs, said extension of the 2009 estate tax rate into 2010 could be combined with limits on so-called "carried interest," which hedge funds use to cut their taxes, and "perhaps middle class tax cuts," such as an extension of the alternative minimum tax exemption, as a package passed by Congress within the next 6 to 8 months.
Alternative Minimum Tax Exemption $6,400 plus earned income
* 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. Deductions covered include home office, new college tuition, Roth IRAs, tuition tax credits, family gift and estate tax savings plans, IRA deductions, tax-free home sales, medical expense deductions, filing options for married couples, and education savings plans.
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).
* RAISES THE ALTERNATIVE MINIMUM TAX exemption levels through the end of 2006.
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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