Rest In Pieces, AMT

I would love to have written "peace," but there is nothing peaceful about the Alternative Minimum Tax (AMT).

One of the best gifts of the Tax Cuts and Jobs Act (TCJA) was significant reform that decimated the AMT for many taxpayers who previously had the "privilege" of paying this covert tax. While the AMT wasn't completely killed, it was sedated enough that most taxpayers don't have to worry about being bitten by it, as the probability is very high that they will no longer be subject to the AMT in 2018 and future years.

The Tax That Was Anything But Minimal

The AMT adds complexity when preparing your taxes as you are required to calculate it in addition to the regular tax calculation. Whichever calculation results in a larger tax liability is the amount you get to pay. Brilliant, isn't it? The differs from the regular tax computation by disallowing many common itemized deductions.