AMT Patch at Last

Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem

Tags: Alternative Minimum Tax, Credits/Deductions, Filing, Paying taxes, Refunds, Tax Returns

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Tax Glossary

Net operating loss

A business loss that exceeds current income may be carried back against income of prior years and carried forward as a deduction from future income until eliminated.

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