Personal Taxes

The calculation of alternative minimum tax begins after the Adjusted Gross Income (AGI) is computed. The AMT is basically an add on to the normal income tax computation that is done. After you are done with the calculation of AGI, some of the preferential deductions (standardized or itemized) are added back into the AGI. Next a standard, flat alternative minimum tax deduction is deducted from the total. The remaining figure is known as AMT Taxable Income (AMTI). This AMTI is further taxed at different rates, instead of the current taxation rate. The output is the Tentative Minimum Tax (TMT), and in case if it exceeds the regular income tax the TMT is paid.

$51,900 for single and head of household taxpayers ($50,600 in 2012)
$80,800 for joint filers and qualifying widow(er) taxpayers ($78,750 in 2012)
$40,400 for married filing separately taxpayers ($39,375 in 2012)
There is an exemption phase-out for taxpayers with Alternative Minimum Taxable Income more than $115,400 for Single or Head of Household
$153,900 for MFJ or Widower
$76,950 for MFS.

For Single or Head of Household the phase-out is $115,400 and is zeroed out at $323,000.
For Married filing jointly or Qualifying widow(er) the phase-out is $153,900 and is zeroed out at $477,100.
For Married filing separately the phase-out is $76,950 and is zeroed out at $238,550.

The IRS’ recently-released statistics for the tax filing season. At income levels up to $100,000, fewer than 1% of taxpayers are in the AMT. For income levels between $100-200,000, this increases to 6%. After this At the $200,000 level up through $500,000, 70% of the taxpayers in this group are paying the Alternative Minimum Tax.
Unless Congress specifically addresses the issue with another AMT Patch, this

This is not a complete list but the following items may trigger the AMT. Itemized deductions such as taxes, interest, on home equity loans used for nonresidential purposes, medical expenses and miscellaneous investment or job expenses. Claiming a substantial number of exemptions for dependents or Certain tax-exempt interest, accelerated depreciation or incentive stock options.

The standard deduction is not allowed in the Alternative Minimum Tax calculation. You may consider itemizing your deductions even if less than the standard when you are subject to the Alternative Minimum Tax.

No. Fines for traffic violations, parking violations are not deductible.

If you leased a vehicle for more than 30 days and you deduct the lease charges as opposed to using the standard mileage allowance then you must add to your income a income inclusion amount which is based on a IRS table.
IRS pub 463 has the lease tables.

Bonus first year depreciation for vehicles placed in service in 2011 that were new and used over 50% for business is $11,060 for auto's and $11,260 for light trucks and vans.