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NEWS
March 11, 2013
D EAR HARRY: I just finished working on our tax returns, and I found a little problem in reviewing the 1040. The return as I prepared it has $12,100 of itemized deductions, mostly charity but also taxes and medical costs. The standard deduction for us is $11,900. The difference is just about $200. If I take the standard deduction, my taxes will go up by just about $50. If I itemize, there is a greater chance that the IRS will come after me to examine some of those items than if I take the standard deduction.
NEWS
December 22, 1988 | From Inquirer Wire Services
The government's scrooge - the Internal Revenue Service - yesterday unveiled its own version of the spirit of Christmas future: the 1988 tax forms, expected to be mailed the day after Christmas. But the IRS also promised some presents in the 101 million tax forms it will send, including reduced tax rates, an increase in the exemption deduction and an increase in the standard deduction. The changes are a result of the continued phasing-in of the 1986 tax act. The agency traditionally begins distributing the new forms right after Christmas to allow taxpayers plenty of time to prepare the returns, which must be mailed back by April 15. Arthur Altman, chairman of the IRS's tax-form coordinating committee, said the agency expected to receive about 109.6 million tax returns.
NEWS
February 6, 2000 | By Tony Pugh, INQUIRER WASHINGTON BUREAU
This one should be easy: Republicans and Democrats both want to give millions of married Americans a tax break. But they disagree, as usual, on how to do it. Partisan gridlock blocked "marriage-tax relief" last year despite its widespread popularity. But now - since both sides hope to score some legislative victories before November's elections - compromise appears possible. Tomorrow, President Clinton will offer details of his counterproposal, along with his fiscal 2001 budget.
NEWS
September 1, 1986
The recent articles about the Senate-House conference tax bill have been comprehensive and instructive. However, there was no emphasis on how this bill would affect the elderly and blind. While both the House and Senate bills repealed the additional personal exemption for those over 65 or blind, they did at least replace the $1,080 exemption with an additional standard deduction of $600. The House-Senate conference bill apparently offers no tax relief to this segment of the population whose earning power is diminished.
NEWS
February 11, 2000 | By Jackie Koszczuk, INQUIRER WASHINGTON BUREAU
Seizing on a popular issue with voters, the House took the first step yesterday toward getting rid of a quirk in the tax code that forces 25 million couples to pay higher taxes because they are married. The Republican-controlled House voted 268-158 for a bill that would increase the standard deduction for married couples to twice that of single taxpayers, wiping out a discrepancy that gave singles a bigger individual deduction. The bill faces major obstacles. Although Republicans in Congress and President Clinton agree on the need to eliminate an onerous tax on marriage, they disagree on how to do it. However, both sides are eager to find a way to bridge their differences, lest one or the other be blamed in an election year for stopping a popular piece of legislation.
NEWS
February 2, 1998 | By R.A. Zaldivar, INQUIRER WASHINGTON BUREAU
Sharon Mallory and Darryl Pierce have lived together for three years and want to get married. But they stopped making wedding plans last spring after learning that they would have to pay $3,700 more in federal taxes as a married couple than as housemates. Mallory, 41, and Pierce, 45, found themselves face to face with the "marriage penalty. " The penalty, which makes two out of five American couples pay more federal income tax as spouses than as singles, has become this year's top tax-cutting priority for Republicans in Congress.
REAL_ESTATE
December 13, 1992 | By David I. Turner, INQUIRER STAFF WRITER
Buying a home with someone doesn't just mean sharing the bathroom, sharing the kitchen, sharing the closets or sharing an answering machine. You may also have to share your tax deductions. And that could wipe out your chance of cashing in on two of the biggest tax benefits of homeownership: the deductions for mortgage interest and property taxes. The financial implications of sharing a home don't end there, which is why many experts say you need to consult a financial planner and a lawyer before you buy a home with someone who isn't your spouse.
NEWS
March 6, 1988 | By Lisa G. Karoly, Special to The Inquirer
Is this what it will finally come down to? After you get through the myriad changes that have made the filing of a tax return even more terrifying than it was before, will the 1040 form for next year be as follows? "Part I: Income. " "Line 1. How much money did you make last year?" "Line 2. Send it in. " "I hope it doesn't come to this," said certified public accountant Dale Goldberg, referring to a mock copy of a 1040 form that he passed around during a lecture Wednesday night on how citizens will be affected by the new tax laws.
NEWS
December 21, 1994 | by Randolph Smith, Daily News Staff Writer
Got a day off between Christmas and New Year's? Tidy up the house, help a worthy cause and collect a nice tax deduction by donating used clothing and furniture to charity. There's gold hidden in closets, garages and basements crammed with stuff you don't use. A few hours of cleaning, sorting and bagging could yield hundreds of dollars worth of tax savings - and make room for holiday gifts. Think of all the dresses and suits that are out of fashion or don't fit. What about toys, clothes and books that your children have outgrown?
NEWS
October 24, 2000
Reader finds candidates' promises are taxing his brain and his patience Your "explanation" (Oct. 11) of the differences between the Bush and Gore tax credits and deductions first appeared in Slate, the online magazine. If this is what appears online, I am glad I do not have a computer that would give me access to this drivel. Bush wants an across-the-board reduction in rates; thus, the 15 percent bracket would be reduced to 10 percent. Gore has offered "targeted" tax breaks to the middle-income class, such as allowing "up to" $10,000 as a deduction for college tuition.
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NEWS
March 11, 2013
D EAR HARRY: I just finished working on our tax returns, and I found a little problem in reviewing the 1040. The return as I prepared it has $12,100 of itemized deductions, mostly charity but also taxes and medical costs. The standard deduction for us is $11,900. The difference is just about $200. If I take the standard deduction, my taxes will go up by just about $50. If I itemize, there is a greater chance that the IRS will come after me to examine some of those items than if I take the standard deduction.
NEWS
June 29, 2008 | By Kevin Ferris
Shhh. Listen. Hear that? It's a pulse. Faint, but there. An actual sign of life, one that could allay the fears of many about the state of Republicans in Congress. The blip comes courtesy of U.S. Rep. Paul Ryan (R., Wis.), ranking member of the House Budget Committee. He has decided to forgo conventional wisdom about laying low on policy proposals while campaigns are in progress and offered ideas to secure the long-term fiscal and economic health of the country. "The politicians and the consultants will tell you, 'Don't do anything controversial during an election year.
NEWS
October 24, 2000
Reader finds candidates' promises are taxing his brain and his patience Your "explanation" (Oct. 11) of the differences between the Bush and Gore tax credits and deductions first appeared in Slate, the online magazine. If this is what appears online, I am glad I do not have a computer that would give me access to this drivel. Bush wants an across-the-board reduction in rates; thus, the 15 percent bracket would be reduced to 10 percent. Gore has offered "targeted" tax breaks to the middle-income class, such as allowing "up to" $10,000 as a deduction for college tuition.
NEWS
February 11, 2000 | By Jackie Koszczuk, INQUIRER WASHINGTON BUREAU
Seizing on a popular issue with voters, the House took the first step yesterday toward getting rid of a quirk in the tax code that forces 25 million couples to pay higher taxes because they are married. The Republican-controlled House voted 268-158 for a bill that would increase the standard deduction for married couples to twice that of single taxpayers, wiping out a discrepancy that gave singles a bigger individual deduction. The bill faces major obstacles. Although Republicans in Congress and President Clinton agree on the need to eliminate an onerous tax on marriage, they disagree on how to do it. However, both sides are eager to find a way to bridge their differences, lest one or the other be blamed in an election year for stopping a popular piece of legislation.
NEWS
February 6, 2000 | By Tony Pugh, INQUIRER WASHINGTON BUREAU
This one should be easy: Republicans and Democrats both want to give millions of married Americans a tax break. But they disagree, as usual, on how to do it. Partisan gridlock blocked "marriage-tax relief" last year despite its widespread popularity. But now - since both sides hope to score some legislative victories before November's elections - compromise appears possible. Tomorrow, President Clinton will offer details of his counterproposal, along with his fiscal 2001 budget.
NEWS
February 2, 1998 | By R.A. Zaldivar, INQUIRER WASHINGTON BUREAU
Sharon Mallory and Darryl Pierce have lived together for three years and want to get married. But they stopped making wedding plans last spring after learning that they would have to pay $3,700 more in federal taxes as a married couple than as housemates. Mallory, 41, and Pierce, 45, found themselves face to face with the "marriage penalty. " The penalty, which makes two out of five American couples pay more federal income tax as spouses than as singles, has become this year's top tax-cutting priority for Republicans in Congress.
NEWS
December 5, 1996 | By Robert A. Rankin, INQUIRER WASHINGTON BUREAU David Hess of the Inquirer Washington Bureau contributed to this article
Millions of Americans would pay higher taxes and Social Security recipients would get smaller annual increases in their benefits if the government revises the way it measures inflation, as recommended yesterday by a blue-ribbon commission. The proposed change in the government's Consumer Price Index (CPI) would reduce the growth of wages, salaries and other payments - in both the public and private sectors - that are tied to the index. And there would be another effect. The federal deficit would go way down.
NEWS
December 21, 1994 | by Randolph Smith, Daily News Staff Writer
Got a day off between Christmas and New Year's? Tidy up the house, help a worthy cause and collect a nice tax deduction by donating used clothing and furniture to charity. There's gold hidden in closets, garages and basements crammed with stuff you don't use. A few hours of cleaning, sorting and bagging could yield hundreds of dollars worth of tax savings - and make room for holiday gifts. Think of all the dresses and suits that are out of fashion or don't fit. What about toys, clothes and books that your children have outgrown?
REAL_ESTATE
December 13, 1992 | By David I. Turner, INQUIRER STAFF WRITER
Buying a home with someone doesn't just mean sharing the bathroom, sharing the kitchen, sharing the closets or sharing an answering machine. You may also have to share your tax deductions. And that could wipe out your chance of cashing in on two of the biggest tax benefits of homeownership: the deductions for mortgage interest and property taxes. The financial implications of sharing a home don't end there, which is why many experts say you need to consult a financial planner and a lawyer before you buy a home with someone who isn't your spouse.
BUSINESS
February 10, 1992 | By Julia C. Martinez, INQUIRER STAFF WRITER
The rich will have a tougher time this filing season trying to lower their taxable income with itemized deductions. Starting in 1991, Congress imposed new limits designed to shift more of the tax burden to the wealthy and away from the middle class. The new squeeze on itemized deductions applies to individuals whose adjusted gross incomes exceed a certain threshold that rises with inflation. The trigger point for 1991 income is $100,000 - or, $50,000 for married folks filing separate returns.
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