Friday 04/09/2021
Navigating the Alternative Minimum Tax (AMT): Updated for 2021
Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability. Long-Term Contracts and AMT When reporting regular tax calculations, […]