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By Michael Dresser, The Baltimore Sun | February 29, 2012
Hundreds of Maryland Realtors rallied Wednesday in a driving rain in Annapolis to protest Gov. Martin O'Malley's proposal to phase out the mortgage interest deduction -- along with other tax breaks -- as part of his budget plan. Gathering cheers from the crowd was the governor's chief Democratic nemesis, Comptroller Peter Franchot. Using rhetoric that could easily have come from a conservative Republican, Franchot denounced the proposed deduction phase-out. "This mortgage interest deduction proposal would be a deadly blow to these small businesses and families," the comptroller said.
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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
By Jack Snyder and Jack Snyder,Orlando Sentinel | October 27, 1991
DALLAS -- Restoring the tax deduction for individual retirement accounts and liberalizing withdrawal opportunities will help reverse the decline in homeownership and revitalize the nation's economy, says the chairman of the Senate Finance Committee.Reviving the IRA deduction is a must, Sen. Lloyd M. Bentsen, D-Texas, said in a keynote speech to the Mortgage Bankers Association of America convention recently.Besides allowing a tax deduction of up to $2,000 a year for IRA contributions, Mr. Bentsen proposes penalty-free withdrawals from IRAs to make a down payment on a home, pay for a catastrophic illness or finance a child's college education.
FEATURES
By L'Oreal Thompson, The Baltimore Sun | February 12, 2013
Brides-to-be can browse hundreds of designer and gently worn wedding gowns at the Brides Against Breast Cancer "Tour of Gowns" this Valentine's Day weekend at the Sheraton Baltimore City Center Hotel. "These brides are really progressive because they can buy their dresses anywhere, but they choose Brides Against Breast Cancer because it supports a great cause," says Amy Paulishak, vice president of business development for Brides Against Breast Cancer. "Every time a bride finds her gown, we ring a bell and the DJ makes an announcement.
NEWS
By David Folkenflik and David Folkenflik,Sun Staff Writer | December 16, 1994
President Clinton's proposed tax deduction for education after high school would aid middle-class families, people often too affluent to qualify for grants or loans but too strapped to afford the nation's most expensive schools."
BUSINESS
By Los Angeles Times | October 11, 1992
C Q: Earlier this year, my daughter and her husband joined with me to purchase a home in which we all live. We hold title as joint tenants. I am the 55 percent owner of the home; they own 45 percent. We share all expenses based on the ownership ratio. However, because I provided the money for the entire down payment, I would like to take the entire tax deduction for the first year's interest and property taxes. After that, we would split the deduction 55 percent-45 percent. Is this possible?
BUSINESS
By Linda Greenhouse and Linda Greenhouse,New York Times News Service | March 24, 1992
WASHINGTON -- The Supreme Court agreed yesterday to resolve an escalating legal dispute over what requirements taxpayers who do some of their work at home must meet to qualify for a home-office deduction.The question, which the justices will not decide until next year, pits the U.S. Tax Court against the Internal Revenue Service. The IRS has long regarded home-office deductions with suspicion as an area of abuse.Two years ago, Tax Court judges rejected the IRS position and adopted a taxpayer-friendly interpretation of the relevant provision of the Internal Revenue Code.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | February 6, 2005
Last fall, Congress passed two major tax bills with big names that are easy to forget. But taxpayers should remember that there are new tax breaks available as they prepare this season's returns. In some cases, the tax breaks aren't new, but rather renewed. The deductions and credits had expired or were on the verge of doing so, and Congress extended them. That makes the filing season a lot less chaotic than it could have been. Beyond actions taken under the Working Families Tax Relief Act of 2004 and the American Jobs Creation Act of 2004, changes in older tax regulations kick in this year, too. So, whether you shop, send a child to college or save for retirement, you might be able to keep more money in your pocket instead of sending it to Uncle Sam. For Marylanders, the important change is that the state last year split from federal estate tax rules.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | December 22, 2001
Maryland's new college savings plan offers a generous state tax break, so much so that the General Assembly might review it next year. The Maryland College Investment Plan, begun this month, allows people to invest for a student's education in as many as 10 accounts managed by Baltimore's T. Rowe Price Associates. In a booklet describing the program, Marylanders are told that they can deduct up to $2,500 in contributions per account each year when filing state income taxes. That means that it is possible for a parent to open 10 accounts for one child and claim as much as $25,000 in state income tax deductions.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | January 11, 2005
To encourage private contributions for victims of the southern Asia tsunami, the federal government is extending a tax break to those who make donations this month to charities active in the relief effort. Under legislation signed into law Friday, taxpayers who make cash donations through the end of this month to U.S. charities involved in tsunami relief can deduct the contributions off 2004 federal tax returns. Usually, they would have had to wait until next year to take the deduction.
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
Eileen Ambrose | April 3, 2012
My column today focused on a poll by Baltimore'sT. Rowe Price that found younger investors less inclined to invest in an individual retirement account this year. If anyone can benefit from a tax-sheltered IRA, it's younger investors who have the time to see their earnings compound over time.. But if younger investors need another reason to invest in a Roth IRA, here it is: $133,063. That's how much in taxes you can avoid on your nest egg by going with the Roth. There are two types of IRAs: A traditional IRA that allows investors within certain income limits to deduct their contributions on their tax return.
NEWS
By Michael Dresser, The Baltimore Sun | February 29, 2012
Hundreds of Maryland Realtors rallied Wednesday in a driving rain in Annapolis to protest Gov. Martin O'Malley's proposal to phase out the mortgage interest deduction -- along with other tax breaks -- as part of his budget plan. Gathering cheers from the crowd was the governor's chief Democratic nemesis, Comptroller Peter Franchot. Using rhetoric that could easily have come from a conservative Republican, Franchot denounced the proposed deduction phase-out. "This mortgage interest deduction proposal would be a deadly blow to these small businesses and families," the comptroller said.
NEWS
February 17, 2012
The recent letter critical of the foreclosure settlement ("Settlement leaves out responsible homeowners," Feb. 15) made me sad. Does the writer really think that just because he acted responsibly - paid his taxes, never refinanced, and was current on his mortgage and association fees - that he should be rewarded with a onetime tax deduction? Isn't that just what one would be expected to do? What are we coming to when we think that it is extraordinary to do the right thing? There will be some who will receive settlement money that they don't deserve, but that happens in an imperfect world.
BUSINESS
December 31, 2011
With 2011 winding down, there's still time for some smart moves to keep your finances in order. Here are some tips that will help you in 2011 and next year: Make charitable donations. Make a donation today by credit card and you'll get the deduction on your 2011 tax return, but won't have to pay the bill until 2012. Clean out closets. Donate gently used clothes and goods for a tax deduction. Goodwill Industries of the Chesapeake is taking donations today from 9 a.m. to 4 p.m. Contribute to college savings plan.
NEWS
By Sean Smeeton | October 11, 2011
As the president of a small business in Baltimore, I know a thing or two about the difficulty that entrepreneurs face when trying to get a loan from a bank in this struggling economy. I can also tell you from my personal experiences that — when others are unable or unwilling to help — independent, philanthropic investments can be a real lifeline to small businesses. Now, however, the Obama administration wants Congress to reduce the charitable tax deduction as part of its deficit-reduction plan, making it harder for Americans to give back to their communities through philanthropy.
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 Neil Downing and Neil Downing,PROVIDENCE JOURNAL | October 15, 2000
In calculating medical expenses as deductions on the income tax, can one include the Medicare deductions from Social Security? Yes, says Barbara C. Shuckra, spokeswoman for the Internal Revenue Service. I assume you're talking about the money you pay each month so that you're covered under the part of Medicare that generally covers you for doctors' bills and other such expenses. You pay a monthly fee, known as the Medicare Part B premium. For 2000, the fee is $45.50 a month for most Medicare beneficiaries, says Kurt Czarnowski, spokesman for the Social Security Administration.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 13, 2011
Soccer clubs, PTAs, community associations, a temperance union and inactive foundations belonging to a couple of Baltimore sport legends are among the thousands of Maryland groups that have had their tax-exempt status revoked by the Internal Revenue Service. About 275,000 organizations nationwide — including nearly 6,200 in Maryland — lost their tax-favored status last week for failing to file annual returns for three years in a row. The IRS says it believes the vast majority of them are defunct.
NEWS
December 27, 2010
You carried an AP story this weekend providing details on the recent "tax compromise. " The article points out that the final bill was larded up with give-aways going well beyond what we'd heard. Incredibly there's an additional $9.2 billion handout for Wall Street, one that seems to specifically reward making investments overseas. Plus $13 billion in new research and development tax credits for business. "Bonus depreciation" for job-creating investments was crafted to include "the purchase of racehorses.
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