Up until now, it has been unclear what medical expenses are eligible for a tax deduction. A strict reading of the prior rules seemed to indicate only expenses incurred to pay for “skilled” caregivers was a qualified expense.

The nonpartisan Joint Committee on Taxation recently announced a study showing 51% of American households had no federal income tax in 2009. Also, about 30% of households received refund checks in excess of their tax withholdings. This is due to refundable credits such as the Earned Income Tax Credit, Home Buyer’s Credit, etc. (For a closer look at tax credits please refer to TTW #87).

Summertime is a popular time for people with children to move since school is out. Moving can be expensive, but the IRS offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location.

As you may recall, Congress allowed the 7.5% ticket tax and $3.70 domestic segment tax to expire after July 22, 2011. This inaction caused a shutdown of all non-essential FAA services---and cost an estimated $30 million/day in lost tax revenue.

The tax code is full of acronyms. This week we’ll take a look at “Rollovers as Business Start-ups”—ROBS.

Leasing can make sense for certain people in certain situations. Leasing, however, isn’t for everyone. Here are some of the factors we consider when clients ask us whether they should lease or buy:1. If you drive less than 15,000 miles per year, and if you buy a car every few years.2. If you have a steady income stream, and/or3. If you are self-employed and use the car for business.