As you review your income tax
situation at midyear, consider your exposure to the alternative minimum tax
(AMT). The alternative minimum tax involves a separate tax calculation that
disallows many of the deductions and credits used to calculate regular income
tax. If you have high levels of deductions or exemptions, or if you exercise
incentive stock options this year, it's worth checking for possible AMT
liability so it doesn't take you by surprise.
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