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The ABCs of Dealing With the AMT

Ouch. As of this week’s filing deadline, some four million people wound up owing more in taxes — sometimes several thousand dollars more — for 2006 than they would have otherwise, thanks to the federal alternative minimum tax. Among them: Alex Hopwood, 38, a vice president of finance at American Express in New York, who had [...]

Source: http://blogs.wsj.com/tax
 

Some tax deductions are aimed at individuals; many are directed to businesses. The complicated maze of tax deductions that Congress has instituted over the past 70 years has contributed to the view that the tax code in the United States needs to be completely redone in a simpler fashion.