Is there still an Alternative Minimum Tax this year? I have a new client who earns over $200,000 in wages and also has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700. Can anyone help me?
Yes there is still AMT but with a higher exemption so not many people have to pay it.
What does AMT have to do with "has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700" ?
Yes, AMT still exists.
But it has nothing to do with limiting "legitimate" business losses.
Review your entries for active vs. passive involvement.
SMLLC on Sch C? or losses feeding from a K-1?
Gotta be able to "follow the money" in the tax return to see where/what is happening.
