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BUSINESS
April 7, 1999
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Are fees charged by a bank's trust department, and those of an investment manager, deductible (over 2 percent of adjusted gross income) if applied to an IRA account? While the account is not being redeemed now, those funds will be taxable when withdrawn.Expenses related to investment income or property, such as investment counsel or advisory fees (IRAs fall under this area)
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BUSINESS
By EILEEN AMBROSE | September 17, 2009
The latest statistics last week from the Census Bureau are grim. Household income has fallen sharply; poverty is up. And that's based on data from a year ago, when employment was in better shape. Even more so now, every penny counts. So is there any way to get extra money in your paycheck without asking the boss for a raise? One way is to get an advance on the Earned Income Tax Credit, a credit worth thousands of dollars to lower-income workers. Usually, people claim the credit on their tax returns.
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BUSINESS
By New York Times | November 1, 1990
High-income taxpayers can do some rough calculations to see where they stand regarding the nation's new tax rules.The new rules set a top rate of 31 percent, limit itemized deductions and phase out personal exemptions above certain thresholds.The first number needed is on Line 31 of Form 1040, adjusted gross income. Next is Line 34, itemized deductions. Taxpayers with an adjusted gross income above $100,000 should multiply the difference by .03 to get their deduction limitation. Subtract that number from the itemized deductions to see what would be allowed under 1991 rules.
BUSINESS
By Humberto Cruz | December 28, 2008
The many questions on capital gains taxes need answers before the year ends. Some people are intrigued - and puzzled - by the zero percent tax rate on long-term capital gains for taxpayers who don't exceed the 15 percent bracket. They want to know how it works and what you need to do, or avoid doing, to qualify. Despite the tumble in the market this year, many investors have decided to take some long-term capital gains for 2008. These are gains on the sale of assets such as stocks, bonds and mutual funds held more than a year.
BUSINESS
By Lorene Yue | March 14, 2004
Who foots the college tuition bill and whether the student can be claimed as a dependent are determining factors in claiming a tuition deduction. If you paid for your 25-year-old son who lives at home to attend college full time, you can't get the tuition deduction because he does not qualify as a dependent. He, however, can get the deduction as long as he meets the modified adjusted gross income requirement, even if he didn't pay a cent. If your 19-year-old daughter paid her own way, then you get to lay claim to the credit, as long as she can be claimed as your dependent, even if she files her own return.
BUSINESS
April 12, 1994
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: On my job I contributed to a 401(k). I lost my job in February. hTC Can I make a tax-deductible IRA contribution now while I'm unemployed, even though I may get a job later on?A: In order to make a tax-deductible IRA contribution, you (and your spouse, if married) cannot be an "active participant" in a qualified pension or profit sharing plan, which includes 401(k) plans.
BUSINESS
By Gary Klott and Gary Klott,Contributing Writer | February 16, 1992
One of the most lucrative ways still left to cut 1991 income tax bills is to contribute to a tax-deductible retirement account.Recent changes in the tax law have made the benefits of doing so even greater this tax season.Although Individual Retirement Account deductions were curtailed several years ago for many middle- and upper-income taxpayers, the vast majority of American workers are still eligible for at least a partial IRA deduction. And anyone with self-employment income, including employees with sideline businesses, can earn sizable deductions by contributing to Keoghs or Simplified Employee Pension (SEP)
BUSINESS
February 28, 1998
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: My husband and I are both in our 40s and I receive Social Security disability. He is working and contributing to a 401(k) plan. How much money can I put into a IRA account in my name that I don't have to pay taxes on? He doesn't have a IRA, only I do.A: You may put up to $2,000 in an IRA for you, or $2,000 in two IRAs for each of you. Provided your 1997 adjusted gross income before the IRA deduction is less than $40,000, you may make deductible contributions to IRAs.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,LOS ANGELES TIMES | June 10, 2001
I contributed to a Roth IRA in 1998, but later undid the transaction when I learned that my 1998 income was over the $95,000 limit for a single person. Recently, I read in a personal finance magazine that in order to establish a Roth, one must receive taxable earned income, and that income cannot include disability payments, earnings and profits on investments or property, interest, dividends, pension and annuity payments, or deferred incentive awards like stock options. If I had not included dividends, capital gains and interest, I would not have exceeded the income cap. It seems to me that I did not have to recharacterize and that my original contribution was fine.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,TRIBUNE MEDIA SERVICES | April 13, 2008
Still fiddling with your taxes and dragging your feet on making an individual retirement account contribution? Get in line. Recent volatility in the stock and bond markets has made clients delay those contributions even more this year, experts said. "Everyone is asking if they should really be putting money in the market right now, when nobody was asking that six months ago when prices were higher," said Ty Bernicke, a financial planner in Eau Claire, Wis. "Certainly it's a lot better to add to your accounts after a 20 percent drop, but Mother Nature has hooked us up to be poor investors" by programming people's brains to buy high and sell low, he said.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,Chicago Tribune | July 29, 2007
I read that this is the last year when proceeds from an IRA can be donated directly to a charity. But is this a good idea? Apparently no tax is owed on the money that goes to the charity, but you don't get a charitable deduction for the money you are giving to the charity. Which is preferable? No tax or a deduction? - Elaine Hopkins, Peoria, Ill. No tax is better for several reasons, said James Lange, a Pittsburgh attorney and accountant. The reader is referring to a provision available for tax years 2006 and 2007 that lets individual retirement account owners age 70 1/2 and older transfer up to $100,000 tax-free from their IRAs to eligible charities.
BUSINESS
By Humberto Cruz and Humberto Cruz,Tribune Media Services | May 20, 2007
I opened a traditional IRA in 1992. I now live with my husband and two children in North Carolina. We started a small business and lost quite a bit of money but finally have more than we need to live on. However, I'm confused as to how to save for retirement. If I understand correctly, we are not eligible to contribute to a Roth IRA because our income is too high. I did not make regular contributions to my traditional IRA, so it's still small. What do we do? Fund traditional IRAs? I am still self-employed, and my husband's company has a 401(k)
BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun Columnist | February 6, 2007
The financial freedom that comes with that first real job can be exhilarating. Your own money. Your own apartment. Your own schedule. Your own tax return. Tax return? Yes, at some point you'll face the task of filing your first income tax return, embarking on a lifelong relationship with the IRS. If you're single and a newbie to taxes, here's what you need to know: First, you must file a return if your gross income last year was $8,450 or higher. Your employer by now should have mailed a W-2 form that states your wages and the taxes withheld from your paycheck.
BUSINESS
By Eileen Ambrose | January 28, 2007
Arm yourself with sharp pencil and an eraser. Make that two erasers. That?s because filing taxes is a little trickier than usual this year. Congress last month extended some tax breaks, but not in time for the printer. No lines appear on returns to take deductions on sales tax, college tuition and classroom supplies. You?ll have to claim those on lines for other deductions. And if that doesn?t confuse you, then a one-time phone tax credit just might. Some tax breaks are making a first appearance: Limited tax-free IRA distributions for charitable donations and credits for making your home energy efficient.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,Chicago Tribune | October 29, 2006
Older Americans can give portions of their retirement funds to charity and collect some nice tax breaks in return, but they'll have to act fast. Under legislation signed into law this year, individual retirement account holders older than 70 1/2 can withdraw in 2006 and 2007 up to $100,000 from the accounts tax-free if it goes to charitable organizations. And while the money is excluded from taxable income and thus not eligible to be deducted again on tax returns, it does count toward the account owner's required minimum distribution for IRA withdrawals.
BUSINESS
February 19, 2006
Baltimoresun.com's tax advice column features three experts from the Hunt Valley accounting firm SC&H Group answering questions about preparing your return. Here is an edited excerpt of this week's column: When you sell a home, can the state [and] county tax stamps based on the sale price be deducted somewhere? - Paul, Hurricane, W.Va. The amounts charged by state and local governments on the transfer of real estate are often referred to as "tax stamps." You can reduce the gain on the sale of your home by these amounts but you cannot deduct them anywhere else on your return.
BUSINESS
By KENNETH HARNEY | September 11, 2005
THE CATACLYSMIC losses that Hurricane Katrina inflicted on Gulf Coast property owners shine fresh light on a murky corner of the federal tax code: tax write-offs for storm damage to houses. It's a subject worth the attention of any homeowner, anywhere in the country, since it applies not just to monster hurricanes, but to floods, tornadoes, fires and earthquakes. The Internal Revenue Code allows owners of houses damaged by natural disasters to seek and obtain tax relief for losses not covered by insurance.
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