Tax & Compliance
US Alternative Minimum Tax: a parallel income tax that limits certain deductions for high earners.
The Alternative Minimum Tax (AMT) is the parallel US income tax computed on a base that adds back certain deductions. Schedule C mileage is generally deductible under AMT, but unreimbursed employee business expenses (already suspended by the TCJA through 2025) are not. Mostly affects taxpayers above roughly US$200k.