Taxable Talk

There's a great op-ed piece in today's San Francisco Chronicle about the hybrid vehicle tax credit. The op-ed, written by Edward McQuarrie, a professor at Santa Clara University, gives the unpleasant details of how many Californians won't get the full value of the credit: the AMT will eliminate the tax break for many. I've been warning clients about this for some time.

But if you're single, making between $25,000 and $115,000, you will likely get the full credit. Everyone else should read the article and learn why the AMT needs to be reformed (though that is very unlikely to happen in today's Congress).

Within a couple of weeks, taxpayers around the country will be receiving their tax packages in the mail from the IRS and their state (and local) tax agencies. Taxpayers in Wisconsin will get a special surprise: their social security numbers will be printed on the mailing labels of their tax packages (for those receiving Form 1 packages).

Don't Mess with Taxes has all the details.