“Why was my 2011 tax liability so high this year?” was a question asked by many taxpayers when their CPAs presented them with their 2011 tax returns. CNBC reported that the “AMT will trap more taxpayers in 2011 than at any time in its 42-year history”. The Tax Policy Center estimated that 4.3 million taxpayers are expected to pay the AMT in 2011 and that the majority of those taxpayers will be making under $200,000. The AMT continues to trap more middle income taxpayers each year. If Congressional Budget Office forecasts are correct, in 2012 [Read more…] about 2012 Tax Planning: Alternative Minimum Tax (AMT) for Individuals
