Tag: alternative minimum tax
The Impact of the Inflation Reduction Act and New IRS Rules on Taxation and Retirement Savings in 2023
As Councilor, Buchanan & Mitchell recently reported, the Inflation Reduction Act has created deductions for energy-efficient construction especially concerning the Section 179D deduction for commercial buildings and the Section 45L credit for residential homes. The Inflation Reduction Act has created additional adjustments in 2023 taxpayers should be aware of including to the standard deduction and other provisions. More recently on Friday, October 21, the IRS also announced a generous increase in the 2023 annual contributions to a 401K account. Read… Read more ›
Plan Now to Reduce AMT Exposure
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there’s some good news: The law has made AMT rules more taxpayer-friendly through 2025. In addition, other TCJA changes reduce the odds that you’ll owe the AMT for those years. Even so, you may still benefit from taking steps now to avoid or minimize it. Know the Basics The AMT is connected to, but separate… Read more ›