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Video instructions and help with filling out and completing Corporate alternative minimum tax 2022
Instructions and Help about Corporate alternative minimum tax 2022
Hello in this video we'll discuss the alternative minimum tax now this is meant to be a basic discussion regarding the AMT and in no way is this meant to be an exhaustive understanding of every single concept with respect to the AMT I also want to make sure to emphasize that the AMT has changed many times over the years and there's been some big changes with the tax cuts and Jobs Act of 2022 and going forward so the beginning of this discussion and the general discussion is going to be since the inception until the tax cuts and Jobs Act and the last few minutes I'm going to switch over I'm going to talk about the tax cuts and Jobs Act and how that's affected the AMT now the AMT is really important because it's one of those things and tax that not many people understand they understand okay well it's something to do with we have wealthy taxpayers and maybe they're paying a lower rate then then not so wealthy taxpayers are and it's a way to try to level the playing field make that make them pay their fair share that type of idea but the actual implementation and how it works is another discussion so with that let's jump right into it what is the AMT the AMT is think of it like it's part of the income tax but it's actually separate so we do our income tax calculation for individuals corporations estates and trusts we have to do the normal income tax calculation but at the end of our determination on this side as a parallel structure we also have to calculate the AMT and the idea is that if the AMT results in a higher amount of tax that that difference between what the income tax the normal income tax and the AMT the difference has to be added to the income tax to make sure that the individual the corporation is or the estate or trust are paying the amount that the AMT would result in if AMT results in a higher amount than the normal income tax that's the idea now when did the AMT come about it came about in the late 1960s and the idea with the AMT the alternative minimum tax just like it sounds wants to make sure that certain taxpayers pay a minimum tax the idea is that if you think about our tax system in many different regards to go to regards I want to focus on first is think about all the various deductions and exclusions from income that we have a lot of those deductions and exclusions from income might only benefit a certain type of taxpayer mainly a wealthy taxpayer take for example the exclusion of municipal bond interest what taxpayer is gonna benefit from municipal bond is interest being excluded do you think low-income taxpayers well possibly but as we know most taxpayers that have lots of investments.