Most of the discussion surrounding fiscal cliff negotiations has focused on tax rates.  However, there is another very large issue looming: the need for an Alternative Minimum Tax (AMT) patch.

Last year, approximately 4 million taxpayers paid the AMT.  Unless the fiscal cliff compromise includes a patch, adjusting AMT indexed levels, the number could jump to as many as 32 million taxpayers facing increased tax liability for tax year 2012.

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As tax season approaches, it will be important to not just look at your tax rate, but also consider the fact that under the AMT, certain deductions are disfavored and you may get hit by the flat 28% rate the AMT imposes.