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Deductible

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BUSINESS
By Knight-Ridder News Service | August 9, 1992
If you changed job locations or started a new job, you might be able to deduct your moving expenses. The expenses are deductible in the year paid or incurred, but you can elect to deduct them in the year you are reimbursed.These expenses are deductible, provided that the amount is adjudged "reasonable":* Moving household goods and personal effects.* Traveling (including lodging and 80 percent of the cost of meals) to the new residence.* Traveling (including lodging and 80 percent of meals)
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NEWS
By Scott Klinger | October 21, 2013
Congress seems to be focusing its austerity efforts on America's most vulnerable citizens, including those who need help feeding their families. Meanwhile, large food subsidies that benefit the most affluent Americans aren't even on the table. The House of Representatives recently voted to cut $4 billion a year from food stamps, known more formally as the Supplemental Nutrition Assistance Program (SNAP). A cut of that level would mean 3.8 million Americans would lose the help they receive to put food on their families' tables, according to the Congressional Budget Office.
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BUSINESS
November 8, 1992
Q: I have a single-family home in which I lived for nine years before converting it into a rental. The house has a $50,000 mortgage on it, but is worth $200,000. I would like to refinance the mortgage and take equity out of the house.Can I still get a tax deduction on the new mortgage? What is the maximum tax-deductible mortgage allowed on a rental house?A: Because this home is neither your first nor second residence, if your newly refinanced mortgage exceeds $50,000, the critical issue is not its actual amount but the use to which you put the proceeds.
NEWS
By Robert B. Reich | July 30, 2013
Almost everyone knows CEO pay is out of control. It surged 16 percent at big companies last year, according to the New York Times, and the typical CEO raked in $15.1 million. Meanwhile, the median wage continued to drop, adjusted for inflation. What's less well-known is that you and I and other taxpayers are subsidizing this sky-high executive compensation. That's because corporations deduct it from their income taxes, causing the rest of us to pay more in taxes to make up the difference.
FEATURES
By SUSAN BONDY and SUSAN BONDY,Creators Syndicate | July 3, 1994
Q: One of your past columns stated that a penalty for early withdrawal on a certificate of deposit is tax-deductible as a capital loss. Does this also apply to annuities? My wife cashed in a tax-deferred annuity of $2,315.70 early and was charged a 10 percent penalty. Is this tax-deductible?A: That depends on whether it was an early redemption fee charged by the insurance company or an Internal Revenue Service penalty for withdrawal prior to age 59 1/2 . IRS penalties are never deductible.
FEATURES
By SUSAN BONDY and SUSAN BONDY,Creators Syndicate | November 13, 1994
Q: My husband died recently. My lawyer's bill for settling the estate was $4,683, which I paid.In making out my income-tax return this March, I put that amount down as a deduction. A friend who helps me prepare my taxes said I could not use it as a deduction from my income because the lawyer's bill for settling an estate is not deductible from income. Which of us was right?A: Lawyer's fees for estate settlement are generally not deductible on income-tax returns, so, technically speaking, your friend was correct.
BUSINESS
By Gary Klott and Gary Klott,Contributing Writer | February 16, 1992
This is the season when many people stay up late into the night figuring ways to justify writing off home computers, vacations and other personal items as business expenses.Business- and job-related expenses do represent a potentially lucrative reservoir of tax deductions for individuals. The cost of hunting for a new job, going to night school, buying a personal computer, attending a midwinter convention in Hawaii, and wining and dining clients can often be written off if a true business purpose can be substantiated.
BUSINESS
By Myron Lubell and Myron Lubell,Knight-Ridder News Service | December 9, 1990
The tax law allows a deduction for mortgage interest on a qualified primary residence and one vacation home. Specifically, to be deductible, the purpose of the mortgage must be for acquisition or improvement.A careful reading of the law reflects that points charged by a bank upon the refinancing of a mortgage also are deductible as interest expense.However, the law does not specify whether refinancing points are fully deductible in the year paid or if they must be prorated over the life of the new mortgage.
BUSINESS
By Dian Hymer | September 25, 1994
What expenses associated with buying and owning a home are tax deductible?With certain limitations, the property taxes and mortgage interest you pay on a personal residence are deductible from your income tax in the year in which they were paid.Some of the costs associated with home buying (called closing costs) are tax deductible. For example, the loan origination fee (called "points") is considered prepaid interest by the IRS and is deductible in the year you purchase the house. Since 1 point is equal to 1 percent of the loan amount, this can add up to a sizable tax deduction.
BUSINESS
March 6, 2007
Editors note: Every Tuesday through the end of tax season, The Sun will run an edited transcript of Baltimoresun.com's weekly tax-advice column featuring three experts from the Hunt Valley accounting firm SC&H Group. I'm a sports official and work as an independent contractor. When I leave my house to work a game, can I deduct the mileage from my house? Are there any other things I may be able to deduct, such as a uniform, shoes, etc.? - Bob, Baltimore Independent contractors are considered to be engaged in a trade or business, and are entitled to deduct all ordinary and necessary expenses paid or incurred in carrying on their trade or business.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 14, 2013
For taxpayers who work best under the pressure of a deadline ... well, that's now. Returns must be filed by the end of Monday. But there's always a risk when scrambling to get returns in under the wire. You might make a mistake or overlook a valuable tax break. To avoid that, here are some tips for last-minute filers: File for free: The Internal Revenue Service partners with tax preparation companies to provide free online filing of federal returns if your adjusted gross income is $57,000 or less.
NEWS
By Doyle McManus | February 6, 2013
Would you support a tax reform measure that could help reduce the federal deficit, remove a needless distortion in the economy and make the system fairer? Me too, which is why I'm taking aim at a sacred cow: the home interest mortgage deduction. That's right, the mortgage interest deduction that every homeowner, including me, loves. If you listen to home builders and real estate agents, they'll tell you that the mortgage interest deduction is what makes homeownership possible for millions of Americans.
NEWS
By Phillip N. Baldwin and Ronald J. Daniels | December 31, 2012
On his 19th century travels through the United States, the French philosopher Alexis de Tocqueville marveled at the American experience of a diversity of civic organizations formed through gifts of time and money. "Wherever at the head of some new undertaking you see the government in France, or a man of rank in England," he observed, "in the United States you will be sure to find an association. " Nearly two centuries later, the American tradition of philanthropic giving to organizations continues to be a model for the world.
NEWS
By Erin Cox, The Baltimore Sun | November 28, 2012
When Anne Arundel County Executive John R. Leopold returned his automatic pay raise in solidarity with county workers, he also entitled himself to an income tax deduction. Leopold says he declined it. Because the returns technically amount to a donation to Anne Arundel County government, they could have entitled him to a bigger refund on his taxes. But that extra money would also have meant breaking a promise not to take a raise if the government could not afford one for county workers.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 4, 2012
There's a good chance during open enrollment this fall that you will be offered a high-deductible insurance plan with a savings account - if you haven't already been nudged into one. Increasingly, employers are offering this as a way to rein in their health insurance costs. The high deductible means lower premiums, benefits experts say. And employees - confronted with the prospect of potentially paying thousands of dollars before insurance kicks in - are less likely to run to the emergency room for minor problems, which also keeps costs down.
BUSINESS
Eileen Ambrose | October 31, 2012
Some homeowner's insurance policies contain a hurricane deductible, which is a percentage of the home's value. In other words, you might have to pay a deductible of 1 to 5 percent of the home's value before insurance kicks in during a hurricane. But the Maryland Insurance Administration says that for Sandy no hurricane deductibles will apply. That's because the  National Weather Service didn't issue hurricane warnings for any counties here. That's some solace for residents who suffered property damage from the storm.
BUSINESS
April 3, 2007
Editor's note: Every Tuesday through the end of tax season, The Sun will run an edited transcript of Baltimoresun .com's weekly tax advice column featuring three experts from the Hunt Valley accounting firm SC&H Group. A few years ago we bought a time share. We recently sold it, at a loss, to a company that buys up time shares and that said the loss could be written off. My reading of tax information and a call to the IRS indicate that a time share is personal use property and the loss cannot be taken on taxes.
BUSINESS
By James Russell and James Russell,Knight-Ridder News Service | December 22, 1991
Coming soon. Maybe. The new, improved, undiluted IRA -- a retirement savings and investment plan for all who work for wages.It took a stubborn recession to do it, but a possible tax cut along with a series of investment incentives are in the wind in Washington.An upsurge of congressional interest in reviving the American economy with lower taxes could foreshadow a break for the nation's middle class, a stimulant for business, and an expansion of the IRA program for savers and investors.You remember IRAs.
BUSINESS
By Steve Kilar and The Baltimore Sun | October 31, 2012
Homeowners should be wary of property insurers trying to charge percentage deductibles for damage caused by Sandy, the hurricane-turned-post-tropical-cyclone, according to a bulletin released Tuesday by the Maryland Insurance Administration. Only if the National Hurricane Center of the National Weather Service issues a hurricane warning for Maryland can property and casualty insurance carriers charge a percentage deductible - instead of the more familiar flat-rate deductible - for damage done by a hurricane or other storm, according to Maryland law. The National Hurricane Center did not issue a hurricane warning for Maryland before Sandy hit. Therefore, most homeowners should be charged a flat rate “dollar deductible” on their property insurance claims, not a deductible that is calculated as a percentage of the total value of the policy.
NEWS
March 4, 2012
Gov.Martin O'Malley's effort to cut back on tax loopholes is a necessary step to reduce the state's income tax, and eliminating the mortgage interest income tax deduction is a good place to start ("Realtors to rally against proposed change affecting Md. mortgage interest deduction," Feb 28). While supporters of the deduction say it is an incentive to homeownership and crucial to maintain the housing market, the deduction has done very little to increase homeownership rates and is an unnecessary government subsidy of the housing market.
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