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BUSINESS
By Sylvia Porter | October 24, 1990
You've borrowed money and can't repay it. One day the lender tells you that you do not have to repay what you owe. Are you off the hook? Not with Uncle Sam. You still may owe income taxes on that "forgiven" loan.With the economy tilting toward recession, more of you may find yourself in this situation. "There's no free lunch," says tax attorney Harry Zimmerman of Austin, Tex. "There are few tax loopholes for borrowers or lenders."There are, however, simple rules and calculations both borrowers and lenders should know, says Zimmerman, a contributing author to Bender's Federal Tax Service.
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NEWS
By Michael Dresser, The Baltimore Sun | February 18, 2014
Republican David R. Craig said Tuesday that he would push to cut the state income tax rate for Maryland's wealthiest residents by more than 20 percent during his first year as governor. Craig, one of four GOP candidates running in June's primary, said his plan would put Maryland on a course to eliminate its income tax entirely during his second term while cutting spending by 3 percent a year. He said such a move would stimulate economic growth and halt a loss of population to states with lower taxes.
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BUSINESS
By Jeff Brown and Jeff Brown,KNIGHT RIDDER NEWSPAPERS | October 19, 2003
It's no good putting this off any longer: time to start thinking about next April's tax return. So soon? Yes - assuming you want to keep your 2003 taxes as low as possible. The most valuable tax maneuvers have to be complete by the end of this calendar year, and they take some time to implement. Also, the federal tax cuts passed in May cause some changes in the annual year-end tax-planning ritual. The basic goal, though, remains the same - to reduce taxes, or to postpone them for another day. You eventually will have to pay a tax on a profitable investment, but postponing it leaves that tax-payment money compounding in your accounts longer.
NEWS
May 31, 2013
Regarding your recent editorial on combined reporting for corporate income tax in Maryland, you argue that a switch to combined reporting in favor of a 0.65 percent decrease in the corporate rate would represent only a temporary "inconvenience" (How to make Md.'s taxes more competitive," May 9). The Council On State Taxation, a trade association representing almost 600 corporations engaged in interstate commerce, including significant operations in Maryland, has found that combined reporting neither provides the panacea for perceived "hiding" of profits nor provides the "permanent" revenue benefit asserted in the editorial.
NEWS
December 26, 1990
An Ellicott City man is one of two owners of a corporation who pleaded guilty last week to income tax evasion for tax year 1984, according to the U.S. Attorney's Office in Baltimore.Dr. Alagu Thiruvengadam, 56, of Ellicott City, and Dr. Ambrose Hochrein Jr., 51, of Olney, entered pleas before U.S. District Judge Norman Ramsey.The two men are owners of Daedalean Inc. of Woodbine, which is primarily engaged in defense contract work for the federal government.U.S. Attorney Breckinridge Willcox said last week that Hochrein and Thiruvengadam fraudulently failed to report income on their 1984 income tax return by employing various schemes that used their corporation and partnerships.
NEWS
April 25, 1992
An article in the Friday Sun about the proposed increase in the piggyback tax for Baltimore County residents said that for someone earning $50,000 a year, the increase would total $83 annually.That figure was based on numbers provided by County Budget Director Fred Homan, who assumed a net taxable income of $35,000, a figure which reflects the average net taxable income among residents with varying deductions in a recent year.Currently, state income tax is 5 percent of net taxable income.
NEWS
December 26, 1990
BALTIMORE - Two owners of a Woodbine corporation have pleaded guilty to income tax evasion for tax year 1984, according to the U.S. attorney.Drs. Ambrose Hochrein Jr., 51, of Olney, Montgomery County, and Alagu Thiruvengadam, 56, of Ellicott City, Howard County, entered pleas before U.S. District Judge Norman Ramsey.The two men are owners of Daedalean Inc. of Woodbine, which is engaged in defense contract work for the federal government.U.S. Attorney Breckinridge Willcox said last Wednesday that Hochrein and Thiruvengadam fraudulently failed to report income on their 1984 income tax return by employing various schemes that used their corporation and partnerships.
BUSINESS
By Humberto Cruz | December 28, 2008
The many questions on capital gains taxes need answers before the year ends. Some people are intrigued - and puzzled - by the zero percent tax rate on long-term capital gains for taxpayers who don't exceed the 15 percent bracket. They want to know how it works and what you need to do, or avoid doing, to qualify. Despite the tumble in the market this year, many investors have decided to take some long-term capital gains for 2008. These are gains on the sale of assets such as stocks, bonds and mutual funds held more than a year.
BUSINESS
By Humberto Cruz and Humberto Cruz,Tribune Media Services | July 1, 2007
My daughter, Veronica, a director of curriculum development, is excited about a major freelance project that she will do in addition to her regular job. It will mean more money but, she also realizes, more taxes, including possibly having to make quarterly estimated payments. Ultimately, that might be the biggest long-range financial benefit of her additional work, the incentive for careful tax planning all year. It is something few Americans do, although it could save them hundreds if not thousands of dollars with little effort.
FEATURES
By SUSAN BONDY and SUSAN BONDY,Creators Syndicate | February 11, 1996
You often mention tax brackets in your columns. Can you please explain what they are? My gross income last year was $41,500, and my taxable income was $27,118.How do I figure out my tax bracket, and what are the practical implications of knowing my tax bracket?A tax bracket is another name for a tax rate. The federal government charges progressively higher tax rates on income. As your taxable income increases, so does the tax rate you pay on top dollars of earnings.Here's how it works: For the 1995 tax returns, there are five tax brackets: 15 percent, 28 percent, 31 percent, 36 percent and 39.6 percent.
NEWS
May 17, 2013
Constance Kihm writes that she is leaving Maryland because she "can no longer afford to support fiscal and social programs with which we do not agree" ("Farewell, my Maryland, farewell to taxes, farewell to extreme liberalism," May 10). She resents that Maryland "feels it is entitled to increase the tax burden on our hard-earned retirement income. " I am a pensioner who turned 65 last year. I discovered that Maryland does not tax the first $27,100 of retirement income! This saved my wife and me about $4,000 in state and local income tax for 2012.
NEWS
Dan Rodricks | October 15, 2012
Under the Maryland Dream Act, students who want to attend our community colleges or public universities at the in-state tuition rate must have attended a Maryland high school for at least three years. They must prove that their families filed state income tax returns during that time, and they or their families must file returns each year that the student attends college. Because the Dream Act was written for illegal immigrants, you might be wondering how this can be. Since when do such people pay income taxes?
NEWS
July 16, 2012
Although expensive, there's virtual unanimity that extending most of the Bush tax cuts through 2013 for everyone (yes, everyone) will help individuals, families, job growth and the economy ("Political tactics, not leadership," July 11). The squabbles in Washington are about political spin and special interests, the squabbles outside Washington have more to do with misunderstanding and misinformation. While there's legitimate debate over the amount, duration and allocation of any tax break, President Barack Obama has proposed a simple income tax benefit for every taxpayer regardless of whether that person is in the 1 percent or the 99 percent.
NEWS
By Steve Kilar, The Baltimore Sun | March 20, 2012
The owner of a Northeast Baltimore liquor store was indicted by a federal grand jury Tuesday on suspicion of making strategic cash deposits totaling more than $1 million in order to avoid paying taxes, prosecutors said. For more than two years, Kwang Sik Kim, 56, of Clarksville made more than 100 deposits at local banks in amounts less than $10,000 in order to avoid a federal reporting requirement, according to a statement Tuesday from Maryland's U.S. Attorney's Office. Kim is the owner of Limetree Liquors, in the 1700 block of E. Northern Parkway in Baltimore.
NEWS
By Marta H. Mossburg | September 13, 2010
Back in 2005 and 2006 cranes dotted the skyline of the city. Grand projects like the Ritz-Carlton Residences, Silo Point luxury condominiums and HarborView Pier Homes were in the works. Baltimore seemed on the tipping point of a Renaissance and becoming an alluring alternative for D.C. workers who didn't want to pay D.C. real estate prices. But those now-struggling projects, whose asking prices have plummeted in some cases by half, were just lipstick on a pig at the time. And the many empty units are now expensive monuments to an economic development strategy that has given breaks to a few well connected developers and to nonprofits at the expense of business, jobs, people — and tax dollars.
BUSINESS
By EILEEN AMBROSE and EILEEN AMBROSE,eileen.ambrose@baltsun.com | February 1, 2009
Gather your W-2, charitable receipts and investments statements. Tax season is here. There are a few bright spots for filers, such as a new credit for first-time homebuyers, a bigger standard deduction for certain homeowners and one last chance to claim a tax rebate if you didn't get one last year. Congress also temporarily fixed the alternative minimum tax, preventing more than 20 million taxpayers from a tax that was expected to hit only the wealthy. Here are some tax moves to consider: Tax-free capital gains: As of 2008, investors in the 10 percent and 15 percent tax brackets have a 0 percent long-term capital gains tax rate.
BUSINESS
By New York Times | November 1, 1990
High-income taxpayers can do some rough calculations to see where they stand regarding the nation's new tax rules.The new rules set a top rate of 31 percent, limit itemized deductions and phase out personal exemptions above certain thresholds.The first number needed is on Line 31 of Form 1040, adjusted gross income. Next is Line 34, itemized deductions. Taxpayers with an adjusted gross income above $100,000 should multiply the difference by .03 to get their deduction limitation. Subtract that number from the itemized deductions to see what would be allowed under 1991 rules.
BUSINESS
By Humberto Cruz | December 28, 2008
The many questions on capital gains taxes need answers before the year ends. Some people are intrigued - and puzzled - by the zero percent tax rate on long-term capital gains for taxpayers who don't exceed the 15 percent bracket. They want to know how it works and what you need to do, or avoid doing, to qualify. Despite the tumble in the market this year, many investors have decided to take some long-term capital gains for 2008. These are gains on the sale of assets such as stocks, bonds and mutual funds held more than a year.
BUSINESS
By DAN THANH DANG and DAN THANH DANG,dan.thanh.dang@baltsun.com | November 6, 2008
The Q: By the time you reach 84, the last thing you want to worry about is money. The problem is that's exactly what's got Eleanor Kramer of Annapolis so distressed lately ever since she was informed by the Social Security Administration that her benefits were being reduced from $598 a month to $468. "We sold our house in March of 2006 and moved to a retirement community," said Kramer, whose husband is also 84. "SS said that the [Internal Revenue Service] had reported an increase in income.
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