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Tax Year

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.
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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....
NEWS
By Scott Calvert, The Baltimore Sun | February 2, 2012
City Councilman William H. Cole IV said Wednesday evening that his office told state assessors several years ago that they had mistakenly valued a large Federal Hill home as if it were a fraction of its true size. And Cole said others in the neighborhood had complained as well, yet the error was not fixed. "For whatever reason, this house has slipped through the cracks nine different ways to Sunday," Cole said during a hearing at City Hall. Assessment officials could not explain why the tips went unheeded.
NEWS
By Scott Calvert, The Baltimore Sun | July 16, 2012
The ink was barely dry on Baltimore City's new property tax bills when we spotted fresh errors in the way some historic tax credits were recently calculated. If this sounds familiar, it should. On June 24 The Sun published the results of an investigation that found the city has failed to collect millions of dollars in potential revenue because of chronic errors and miscalculations in the historic credit program, which offers tax breaks for historic renovations. With a new tax year starting July 1, we checked to see if the problems had been fixed on recently mailed bills.
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 Andrew Leckey | March 14, 2004
Easy come, easy go. That's the attitude toward tax refunds from many Americans who spend the money before they receive it. Because of recent tax cuts, the average check this year should be around $2,300, up more than $300 from last year. That's not chump change, and you'd be wise to do something other than blow it on consumer electronics. But first, consider revising your withholding at work so you will receive a smaller refund next tax year. You've been giving the government a free loan for the entire time it kept your money.
NEWS
By Jessica Anderson, The Baltimore Sun | April 20, 2012
Howard County residents would see no property tax increase this year, but they could pay a higher fire tax under an $899 million budget proposal unveiled Friday by County Executive Ken Ulman. General fund spending, which represents money raised through local taxes and fees, would increase less than 3 percent. "It is really a maintenance budget," Ulman said of the spending plan that, if approved by the County Council, would take effect July 1. A state budget impasse has left state aid up in the air and the question of who will pay teacher pension costs unresolved, but Ulman said his plan is based on a deal made but not passed before time ran out on this year's General Assembly session.
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