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7 Tax Terms to Know as Congress Confers

As the U.S. House and Senate negotiate a final tax bill, it is likely to include a lot of tax terms and jargon, which are important for taxpayers to understand. MWE’s Lance Christensen spoke with Consumer Reports to explain the alternative minimum tax (AMT), consumer price index, exemptions, pass-through entities, state and local taxes (SALT).

 

Experts say losing the AMT (Alternative Minimum Tax) could reduce the taxes many households pay. But for other taxpayers, the change may not offset the loss of other tax breaks, such as the deductibility of most state and local taxes.

“Depending on the individual’s personal situation, this could have an impact up or down,” says Lance Christensen, a tax partner at Margolin, Winer & Evens, an accounting and business firm based in New York.  Read More>>>


Read: Tax reform, Amazon will impact food biz 

Read: As tax bill advances, advisers weigh paying tax bill early

Alternative Minimum Tax (AMT), chained consumer price index, chained CPI, Pass-Through Entity, Refundable Credit, SALT, state and local taxes, Sunset, Tax Extender, Estate-tax exemption, and Personal exemption.
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