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The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [1] [2]
In May 2014, Quebec Premier Philippe Couillard announced in his inaugural speech his intention to review the AMT's mandate. In April 2015, Radio-Canada reported that the provincial government intended to replace the AMT with two organizations: one to plan; and one to operate trains, suburban buses and oversee the other transit operators. [5]
Exo, stylized as exo and officially known as Réseau de transport métropolitain (French pronunciation: [ʁezo də tʁɑ̃spɔʁ metʁɔpɔlitɛ̃], RTM; English: Metropolitan Transportation Network), is a public transport system in Greater Montreal, including the Island of Montreal, Laval (Île Jésus), and communities along both the North Shore of the Mille-Îles River and the South Shore of ...
Once you figure out your remaining income after your exemption, you must calculate your tax due under the AMT formula. For 2020, the first $197,900 — or $98,950 if married filing separately ...
Taxpayers who have paid AMT in prior years may claim a credit against regular tax for the prior AMT. The credit is limited so that regular tax is not reduced below current year AMT. AMT is imposed at a nearly flat rate (20% for corporations, 26% or 28% for individuals, estates, and trusts) on taxable income as modified for AMT.
If you purchased the vehicle in 2023, you are eligible for the deduction on your 2023 tax return. Keep in mind the following requirements must still be met: Must itemize your deductions
Prince Harry has reached out with a heartfelt letter to young members of Scotty’s Little Soldiers, a charity close to his heart that supports bereaved military children and young adults.. The ...
April 5 – 2023 Canada ice storm: Two people are killed and over a million people are without power after an ice storm strikes Ontario and Quebec. [29] April 9 – The 2023 Canadian Ringette Championships are held in Regina, Saskatchewan. National champions are decided in U16, U19, and National Ringette League divisions. [citation needed]