Some people are really good at dodging high taxes. These
people, who often earn higher than average salaries, can sometimes get away
with paying next to nothing in taxes due to smart deductions made by their
accountants. In order to prevent wealthy earners from not paying any taxes, the
alternative minimum tax was created. Individuals who fall within certain income
brackets and who meet other qualifications must pay the alternative minimum tax
under certain circumstances.
In recent years, however, more and more moderate earners, not just high earners, have been forced to pay the Alternative Minimum Tax due to the fact that the tax and its qualifications were not adjusted to reflect inflation. All of that changed last year, however, due to recent “patch” that stops middle earners form having to pay the tax.
You can find out if, based on your income, you are required
to pay the alternative minimum tax this year. The best way to do so is to
contact qualified accountants in Naperville,
such as those at Susan S. Lewis, Ltd.
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