I’ll freely admit that before I assumed the editor’s post at Accounting Today, I didn’t know the difference between the AMT and the IRT.

But as I grew into the job, the acronym for alternative minimum tax never seemed very far away until one year, it got a little too close for comfort. I received a frantic call from my accountant warning me that there was a possibility that my wife and I could fall under the dreaded AMT umbrella.

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