VIEWpoint Issue 1 | 2022
Brief Insights | Meeting Provider Relief Fund Reporting Requireme...
VIEWpoint Issue 2 | 2021
2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Empl...
Ask the Advisor: Key Tax Incentive Changes
Weathering the Storm of Rising Inflation
As year-end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax. But you must beware of the alternative minimum tax (AMT) — a separate tax system that limits some deductions and doesn’t permit others, such as:
Accelerating these expenses could trigger the AMT, because you must pay the AMT if your liability exceeds your regular tax liability.
The American Taxpayer Relief Act of 2012 set higher AMT exemptions permanently, indexing them — as well as the AMT brackets — for inflation going forward. This will provide some AMT relief, but higher-income taxpayers could still be vulnerable.
If you need help determining if accelerating deductible expenses could reduce your 2013 tax bill or trigger the AMT, contact our tax advisors in Michigan, Houston or Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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