What does AMT mean?

Alternative Minimum Tax (AMT) is a supplemental income tax imposed by the United States federal government required in addition to baseline income tax. AMS gives an alternative set of rules to calculate taxable income. These rules determine the minimum amount of income tax that a person at a certain income level should be required to pay. AMT was enacted by the Congress to ensure that companies and individuals who benefit from certain exclusions, deductions, or credits be required to pay at least a minimum amount of tax.

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