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Schedule M1MTC Sequence #16 Alternative Minimum Tax Credit Your First Name and Initial Last Name Social Security Number Read the Form

Schedule M1MTC Sequence #16 Alternative Minimum Tax Credit Your First Name and Initial Last Name Social Security Number Read the Form

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[Music] [Applause] hey everyone welcome back to our Channel today we're diving into a topic that's often misunderstood but can significantly impact your taxes the Alternative Minimum Tax or AMT yeah I heard about it but honestly I'm not entirely sure what it is and how it works don't worry Sam you're not alone the AMT was originally put in place to ensure that high income taxpayers pay a minimum amount of tax even if they have a lot of deductions and tax preferences so it's like a a backup tax system exactly the AMT runs parallel to the regular tax system with its own set of rules for calculating income deductions and tax rates but here's the kicker you only pay the additional AMT if it's higher than what you would owe under the regular tax rule ah got it but who exactly does it affect well originally it targeted High income taxpayers but factors like inflation and certain tax credits can drag even lower income tax folks i

Related searches to Schedule M1MTC Sequence #16 Alternative Minimum Tax Credit Your First Name And Initial Last Name Social Security Number Read The

Minnesota corporate alternative minimum tax
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