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Tax Deduction

BUSINESS
By KENNETH HARNEY | February 15, 2004
TO DEDUCT or not to deduct? Congress is about to answer that question for an estimated 12 million-plus American homeowners who pay either FHA or private mortgage insurance premiums every month. With a bipartisan list of 161 co-sponsors in the House, a companion bill in the Senate and strong support from a diverse political coalition of business, labor and public interest organizations, you would think that a bill allowing federal income tax deductions for mortgage insurance premium payments would be a slam-dunk.
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BUSINESS
By Rick Popely and Rick Popely,CHICAGO TRIBUNE | January 11, 2004
There's been lots of talk about weaning Americans from our traditional gas-guzzling transportation to the more Earth-friendly hybrid cars, which combine an efficient gasoline engine with battery power. But in practical terms, the talk doesn't add up to savings. Money isn't everything, of course, and higher cost doesn't deter most hybrid buyers. "Most people aren't looking strictly at the economics," said Thad Malesh of Automotive Technology Research Group, a California firm that studies the hybrid and diesel markets.
BUSINESS
By EILEEN AMBROSE | December 14, 2003
WHEN Mike Schmidt bought a new car recently, he didn't bother to trade in his old one. "Over the years, I've lost my taste for car dealers and haggling," said Schmidt of Dundalk. Instead, for the third time in a half-dozen years, Schmidt donated a car to charity. He turned over the title of his 1993 Toyota Camry to the National Kidney Foundation of Maryland and waited for the car to be towed away. When he files his tax return, he expects to claim a $2,000 charitable deduction for the donation.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,SPECIAL TO THE SUN | July 6, 2003
I am in a position to make a major financial decision and I'm not sure what to do. In about 30 days, I will receive a settlement from a lawsuit sufficient to pay off our mortgage, which is currently at 6.75 percent, with about $5,000 left over. My inclination is to pay off the mortgage and invest the remainder in a tax-free annuity, which would provide tax-free income during retirement. Then my husband and I could start saving more aggressively for retirement. I have $25,000 in a 401(k)
BUSINESS
By KENNETH HARNEY | February 23, 2003
A CAMPAIGN is about to get under way on Capitol Hill that could produce significant new tax savings for more than 10 million homeowners as early as this year. The objective is reversal of an IRS policy that has vexed real estate tax experts for years: the agency's steadfast refusal to allow deductions for mortgage insurance premium payments, whether for private insurance or government-backed guaranty programs. If successful, the coming campaign could open the door to millions of dollars of tax write-offs to homeowners and lower the cost of homeownership for large numbers of first-time buyers - the principal users of mortgage insurance programs.
NEWS
January 22, 2003
THE SUV has been taking a drubbing recently, some of it bordering on the silly. An evangelist from Pennsylvania suggests they're un-Christian; Arianna Huffington sponsors an ad campaign that claims they fuel terrorism. These are amusing or intriguing or even thought-provoking notions, but not serious criticism. Hollywood stars can line up to denounce SUVs as much as they like, and it's mostly harmless fun. There are, nonetheless, serious questions involving the sport utility vehicle. Two, in particular, have just come to the surface.
BUSINESS
By Trif Alatzas and Trif Alatzas,SUN REAL ESTATE EDITOR | December 15, 2002
A record number of people have refinanced their mortgages during the past year in a move that likely lowered their monthly housing payments and could influence future tax deductions. With mortgage rates at four-decade lows, the interest that homeowners pay likely will be reduced under the new loans they have secured. Millions of consumers have been able to lower their average monthly payments -- sometimes by several hundred dollars. The Internal Revenue Service is reminding taxpayers that some portions of their refinancing costs may be tax deductible.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | May 10, 2002
T. Rowe Price Associates, which manages Maryland's college savings plan, has asked the governor to veto legislation that would grant residents income tax deductions if they invest in other states' plans. In a letter to the governor, Price said the tax break would "be detrimental" and "jeopardize" the state plan by removing an important incentive for residents to invest in it over other plans. Maryland would be the only state to give a tax break for residents investing in out-of-state plans.
BUSINESS
By Eileen Ambrose and Michael Dresser and Eileen Ambrose and Michael Dresser,SUN STAFF | April 10, 2002
State residents who were able to take advantage of a loophole in Maryland's college savings plan and get a tax deduction 10 times the amount originally intended were among the losers in the just-completed session of the Maryland General Assembly. Others that did not fare well in the 90-day session that ended at midnight Monday included small businesses that compete against big utilities. However, telephone giant Verizon and the company that operates Baltimore's child support enforcement program saw legislation that would benefit them pass.
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