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What is the purpose of the alternative minimum tax and who pays it?
Review available tax credits in chapter 12 of the text. Compare the tax credits that you actually take with the tax credits that you would like to take.
- Explain why you made the particular selections.
- For the tax credits that you would like to take, explain why you are not able to take the tax credits.
- For the tax credits that you actually take, explain the benefits that you receive from the tax credits.
- If you have never prepared a tax return or looked at this information before, what do you find most significant about the information that you read about tax credits?
Discuss the AMT formula and how it relates to the regular income tax. Include in
your discussion factors that cause AMT to be assessed.