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Tax Year

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....
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NEWS
By Scott Calvert, The Baltimore Sun | October 17, 2013
The number: $15.9 million What it is: The amount of money Mayor Stephanie Rawlings-Blake says the city's Billing Integrity Unit has "recouped" since 2011 by catching erroneous tax breaks and other tax billing problems. How it breaks down: The mayor's office says the unit has sleuthed out errors with four types of tax breaks, whether because the break was too high or the property didn't qualify. Fixing those errors, officials say, has generated major additional tax revenue for the city.
BUSINESS
By Natalie Sherman, The Baltimore Sun | January 31, 2014
An estimated 20,000 households in Baltimore City are missing out on tax refunds, leaving unclaimed some $50 million that advocates said could help lift them out of poverty. IRS Commissioner John Koskinen marked Friday, the first day his agency started to accept 2013 returns, by urging Baltimore families to seek free tax preparation help. "It may take me a little while to convince people we're from the IRS and we're here to help you," Koskinen said to laughs at a press conference hosted by the Baltimore CASH Campaign.
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.
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.
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.
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