Practical Perspectives: Key financial issues for you and your family — Alarmed taxpayer gets AMT checkup
Abstract: In this issue’s “Practical Perspectives,” we meet alarmed taxpayer Alan. After reading several articles about the challenges he and his fellow taxpayers may face when filing their 2012 returns, Alan noticed a particularly ominous take on the alternative minimum tax (AMT). Unless Congress passes another “patch” to raise the income level, more middle and upper-middle income earners will be subject to the AMT. Concerned, Alan visited his tax advisor to discuss the current law and defensive strategies.