American military thought has coined the expression 'Overall Strategic Objective.' When [British] officers first heard this they laughed; but later on its wisdom became apparent and accepted. Evidently this should be the rule, and other great business be set up in subordinate relationship to it.
The AMT was created in 1969 over outrage that 155 high-income households making over $200,000 at that time didn't end up owing any federal income tax. That $200,000 would be worth $1.3 million today.
Year-end strategy: Make a major purchase or vehicle lease between now and year-end to give you a bigger sales tax deduction and cut this yearâs federal income tax bill. However, if you are in the dreaded alternative minimum tax (AMT) mode, this strategy wonât do you any good because the sales tax deduction is disallowed under the AMT rules.