Personal year end tax planning – Income and expenses and AMT — oh my!

Description

Abstract: As Dec. 31 approaches, it’s time to think about year end tax planning. Many choose to defer income and accelerate expenses, so as to defer taxes to the next year. But deferral isn’t always advantageous, and further complicating matters is the alternative minimum tax (AMT). This article explains the impact of the AMT and considers strategies that may be appropriate according to whether one might be subject to it.