The Cash for Clunkers program is a smashing success (pun intended because the clunkers have to be scrapped).  Here’s the problem.   The program is approximately one week old and has run out of money.  The program has $1 Billion earmarked for it.  Being a tax weenie, I ran the numbers through my calculator.  $1 Billion [...]

The W-4 is a lousy form.  It’s very confusing.  My recommendation is to always ignore the top half and fill out the bottom with 1 or 2 exemptions.  Most people prefer getting a refund.  The fewer exemptions you claim, the larger your withholding and consequently the larger your refund.
You can really get in trouble if [...]

Every year we get at least newlywed that is confused about how to file their return.  The rules are simple - your filing status is determined as of 12-31.  If you’re married on the last day of December, your filing status is Married Filing Joint/Separate.  It doesn’t matter about the previous 364 days.
If you change [...]

Random thoughts about starting a business…
Most folks are best served by starting out as a sole proprietor.  Create the more sophisticated entities (Sub S, Corp, Partnerships, LLC) if things take off.  Save yourself the time and expense of incorporating until after the company is established.
Partnerships rarely work out.  Something like 8 out of 10 partnerships [...]

Day camps such as Leif Ericson count as child care IF you are working or looking for work.  Overnight camps do NOT count.  Much as you might want to ship off your kid for the summer and write it off - you only get the credit if they’re home every night.

Okay - this is one of those goofy tax code provisions that sounds good on paper, but in reality few people qualify for it.
First - You must be able to itemize AND get over the 2% hurdle for unreimbursed employee expenses.
Second - Generally speaking, you only qualify for the deduction if you’re looking for a [...]

The IRS is publishing a list of tax tips three times a week during the summer.  They’re pretty good so I thought I’d fill up the blogosphere with more bits and bytes.  They’re a bit hard to find on the IRS.gov website plus I’ll editorialize as I condense/paraphrase them.