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Video instructions and help with filling out and completing amt depreciation 2021
Jaim fellows want to talk to you about alternative minimum tax is for two seconds Trump basically blew hold in alternative minimum tax --is which is good for you because the alternative minimum tax was passed what thirty some-odd years ago to make sure that the rich paid their fair share the problem was you didn't have to be that rich in 2021 in order to start to pay alternative minimum tax --is for example if you made as a married couple $85,000 you were rich and you had to have your taxes calculated under the alternative minimum tax rules basically what happened was is they said okay you get to a certain point and it's you know eighty five thousand ish depends somewhat upon whether your passive income active income a lot of factors but basically the exemption was eighty five eighty four thousand five hundred bucks so when you hit that level then your taxes were calculated using an alternative method to make sure that you paid more taxes and your tax dude didn't even bother to mention they'll turn in them tax to you because it was just expected that you were gonna pay alternative minimum tax which is a byte but he just plugs your numbers and kicks the numbers out and that's what you pay well Trump figured okay well eighty-five thousand for married couples not really rich so he moved it up to a hundred and nine thousand basically when you hit one hundred nine thousand then you start to pay the alternative minimum tax there was another trick that they used prior to the Trump tax laws which said okay when you hit a certain amount 160 thousand basically then anything over a hundred and sixty thousand if you make twenty thousand if you made a hundred eighty thousand that was twenty thousand over one hundred and sixty we would take twenty five percent of that amount that twenty thousand which is what twenty twenty five percent of 20 is like five thousand right so you would take and you wouldn't pay alternative minimum tax it didn't kick in an eighty five thousand anymore it kicked in at eighty thousand so by the time you got up to basically a half-million dollars you were paying an alternative minimum tax on every dime you made well Trump really blew a hole in that because he moved it from not a hundred and sixty thousand where it starts to phase out as what they say he moved it to a million bucks so you don't phase out until you reach a million bucks and then you go from a million two million five basically had to check that so you hit a million five then you're gonna be paying alternative minimum tax on everything below one hundred nine thousand two so if so the exemption amount is what they call it went up from basically eighty five to one hundred nine and then the.