While the add-back of state and local taxes is the biggest cause of taxpayers being subject to the AMT, there are other differences between the tax regimes that can trip people up. There is no standard deduction—currently $6,200—and no personal and dependent exemptions under the AMT, meaning taxpayers with large families could, perversely, be penalized.
Most miscellaneous itemized deductions are also not deductible for AMT purposes, and if they're significant enough, they can result in additional tax liability. That includes tax preparation fees, investment advisor fees and business expenses.
"Get your employer to reimburse business expenses, even if it means getting a lower salary," Gevertzman said.
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Under AMT rules, taxpayers can also not take accelerated depreciation on rental or business properties. If a taxpayer is going to be liable for AMT payment (if the AMT calculation is higher than their regular tax liability), it often doesn't make sense to take the accelerated depreciation deduction.
The person might have to pay the AMT in early years and then face a larger gain on the depreciated property down the road.
"Deferral and acceleration techniques not only don't help sometimes, but you can get whipsawed," Gevertzman said.