Episode 148: The Alternative Min Tax

Send us Fan MailThe alternative minimum tax, or AMT, was implemented in 1969 to ensure that all Americans pay their fair share of taxes, and particularly targeted high-income individuals who had a lot of tax deductions. It was originally design to catch those high-income individuals who paid little to no tax but unfortunately, it was not indexed for inflation until 2012. Over time, the AMT started affecting tax payers in middle-class households. The Tax Cuts and Jobs Act of 2017 passed under President Trump’s first term made significant changes to the AMT beginning with the 2018 tax year but that expire in 2025. Depending on what happens this year, we will likely see changes to the tax code. This could be a continuation of what was passed in 2017 or something new. This episode goes into the AMT before 2017, who it affects for 2025, and what could happen if the TCJA is not extended or replaced.Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...