AMT Strategy #1: First thing, find out if it’s going to be an issue for you. Don’t wait. Call your CPA today with your estimated income and expenses. And then ask your CPA what he is doing to prepare you for AMT.
The most important question you can ask anyone who gives you any advice about taxes is, “Yes, but how does that impact AMT?” If you get a dull look or an offhand, “Oh, that’s not a problem,” (without looking carefully at your income and expenses) then you need to RUN! AMT can double the amount of taxes you owe. And, even worse, the things you do to reduce your regular income taxes at year end are EXACTLY the opposite thing that you need to do to combat AMT.
23 Million More Americans Are Going to Have to Pay AMT This Year