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BUSINESS
May 18, 2003
Maryland's Homeowners' Property Tax Credit program sets a limit on the amount of property taxes a homeowner must pay based on his or her income. The tax credits are available to all homeowners who meet the income and eligibility requirements, regardless of their age. Before eligibility according to income is considered, a homeowner must meet three basic requirements: The homeowner must own or have a legal interest in the property. The dwelling for which the tax credit is claimed must be the homeowner's principal residence for more than six months, including July 1 of the tax year (July 1 through June 30)
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BUSINESS
March 31, 1998
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: I separated from my husband in August, leaving me with all the bills -- mortgage, day care, etc. I want to file as head of household and claim all the deductions. By mutual agreement in our legal separation agreement, he will file married but separate and claim none of the deductions. Is this the best way to file?A: Yes, you qualify for head of household, provided you were a legally separated individual at the end of the tax year and you meet the following test: You must have furnished more than half the cost of maintaining a household that was the main home for more than half of the year of a relative for whom you are entitled a dependency deduction.
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 Lorraine Mirabella and Lorraine Mirabella,Sun Staff Writer | July 9, 1995
A law lowering closing costs in Maryland took effect in part July 1, but homebuyers may have to wait months -- or even years -- for the intended benefits.The first overhaul of Maryland's property tax system in two decades, signed into law in May, is expected to save many homebuyers thousands of dollars at settlement time and bring costs in line with those of neighboring states. The real estate industry views the reduction in upfront costs as a first step toward energizing a stalled housing market and boosting economic development.
BUSINESS
By Todd Beamon and Todd Beamon,Baltimoresun.com Staff | April 21, 2004
Even though Tax Season 2004 is over, next April 15 will be here sooner than you might think. To help get a jump on next year, baltimoresun.com's tax experts -- Jim Dupree of the Maryland office of the Internal Revenue Service in Baltimore; Nicole M. Harrell, head of her own accounting firm in Baltimore; and Gregory S. Horning of Stout, Causey & Horning in Hunt Valley -- respond to one reader's e-mail, adding tips that could apply to most filers....
NEWS
September 4, 2011
In the latest battle between the states, officials in Virginia and Maryland are squaring off over whose budget-balancing prowess is greater. First, after Virginia Gov. Bob McDonnell announced his state ended the year with $544 million in cash, $234 million more than expected, the Republican Party there crowed that Maryland Gov. Martin O'Malley was, at the same time, predicting a $1 billion shortfall and floating the possibility of tax increases....
BUSINESS
By JIM WILHELM, STUART RUDO AND GREG HORNING and JIM WILHELM, STUART RUDO AND GREG HORNING,SPECIAL TO BALTIMORESUN.COM | February 26, 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 every Monday until April 17. To be included in the following weeks, please use the form at the right side of this page to submit your questions. Bernie Weill, Brooklyn, N.Y.: Can I deduct losses on my house destroyed by a fire during 2005, although I have not yet settled with the insurance company as of Dec. 31, 2005? SC&H Group: Generally, you can deduct a casualty loss only in the tax year in which the casualty occurred.
NEWS
August 4, 2007
Incomplete data discredit tax report A recent report from the state comptroller's office reviewed tax payments by the state's largest corporations ("Taxes avoided by many Md. firms," July 24). But the report is misleading because it lacks important disclaimers and attempts to draw conclusions based on data from an incomplete tax year. When the state comptroller's office similarly divulged the names and tax information of Maryland businesses in 2004 and 2005 for the 2001-2003 tax years, the office stated in cover letters to those reports that it was unable to match related corporate entities from their data system and, therefore, "this information most likely does not provide a full picture of the corporate income taxes paid by many `businesses' as they are commonly perceived."
BUSINESS
By Julius Westheimer | April 3, 1996
TODAY WE open the April notebook:April historically has been the fourth- strongest Wall Street month, stocks rising an average 1.2 percent over 45 years."
BUSINESS
By Neil Downing and Neil Downing,PROVIDENCE JOURNAL | April 13, 2003
I've received a letter from my bank telling me that I must begin to withdraw my IRA. I am a person who was born on July 26th, 1932. I'm still employed; I work for myself as a real estate appraiser; I am constantly at work . . . I say I won't be 70 until July 26th of 2003, and 70 1/2 would be later. It is prudent to be thinking about this, said Marvin R. Rotenberg, national director of retirement services at Fleet Bank's Private Clients group, and a widely regarded authority on IRAs and other retirement plans.
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