What Causes Alternative Minimum Tax Liability?
State and Local Taxes
If you itemize, there is a good chance you claim a deduction for state and local tax, including property tax and state income tax. For 2004 and 2005, you can claim a deduction for sales tax if you do not claim a deduction for state or local income tax. These deductions are not allowed under the AMT.
If you live in a place where state and local taxes are high, you are more likely to be subject to the alternative minimum tax.
Contact H&M to discuss how AMT affects you
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