CollectionsTax Deduction
IN THE NEWS

Tax Deduction

FEATURED ARTICLES
NEWS
March 1, 2013
D EAR HARRY: I am a recently hired regional manager for a large franchising company. My job requires thatI own and know how to use a computer to submit daily reports from remote locations. My computer is a Mac, and I had some problems getting it synchronized with the company's large-capacity PC. As a result, the company shared with me the cost of a PC laptop. My tax preparer said that there was just no way I could get a tax deduction for it, even if my boss says it was required and will support that statement in writing.
REAL_ESTATE
March 16, 1986 | By Robert J. Bruss, Special to The Inquirer
If you changed residences in 1985, whether you are a homeowner or a renter, did you know you may be entitled to a tax deduction for your moving expenses? Many taxpayers overlook this profitable tax deduction because they are not familiar with its simple requirements. However, the moving expense deduction does not apply to all residence changes. The law requires that the move be related to a change in where you work at about the same time. In other words, if you changed residences but your job location remained the same, your moving expenses are not tax-deductible.
BUSINESS
December 27, 1986 | Associated Press (Inquirer staff writer Al Haas contributed to this article.)
Christmas may be over, but people looking for a new car are coming into auto showrooms hoping for a last-minute gift from Uncle Sam. Many dealers are promoting year-end sales by cautioning that buyers have only a few days left to take advantage of the sales-tax deduction before the nation's tax code changes. In a taped telephone message, for instance, a California automobile dealer is urging callers to buy "before the ball drops in Times Square. " "We've had a real last-minute rush here," Al Dittrich, owner of Al Dittrich Olds Inc. in the Detroit suburb of Pontiac, said yesterday.
NEWS
July 18, 2005 | By Molly Morrison
Saving open space is a remarkably popular cause in Southeastern Pennsylvania. From the record-setting $150 million open-space bond issue in Montgomery County to the just-approved $650 million boost for Pennsylvania's Growing Greener program, local voters have overwhelmingly supported saving our region's natural and agricultural areas. Such investments are already paying big dividends in acres saved, streams restored, trees planted and wildlife habitats protected. Here at Natural Lands Trust, we are about to conclude one of our most successful 12-month periods ever - more than 5,000 additional acres of open lands set aside for future generations.
NEWS
October 8, 2001 | By Jackie Koszczuk INQUIRER WASHINGTON BUREAU
The lobbyists are back in business. Industries from bus operators to restaurants to technology companies are angling for favors in President Bush's proposed economic-stimulus package. "It's like a conga line," said Peter Pantuso, president of the American Bus Association, which is looking for relief from fuel taxes from the package, which could total as much as $120 billion in tax cuts and new spending. Lawmakers say they have been flooded with requests from lobbyists for industries contending that they are uniquely affected by the economic fallout from the attacks.
NEWS
July 17, 2016 | By Claudia Vargas, Staff Writer
The IRS has turned down the long-running effort by the Democratic convention's Philadelphia host committee to win a tax exemption. Word of the decision, a setback for efforts to raise the last of the $60 million needed to help pay for the July 25 to 28 convention, came Friday from its adviser, David L. Cohen. When the decision came - and why - is less clear. Cohen would say only that the IRS "recently" turned down the application for tax-exempt status under section 501(c)3 of the tax code, which the committee had sought for more than a year.
NEWS
December 22, 1986
I am an outraged taxpayer. For years the parents of Roman Catholic schoolchildren have fought for a tax deduction based on the double burden of school taxes (which we don't benefit from) and increasing tuition costs. We have been told that we made a conscious choice. Well, my conscious choice was not made for religious reasons, but because of the poor system of public education that is offered. And now a judge in Tennessee has awarded $50,000 to parents who sent their children to Christian schools because they protested the reading of such "subversive" books as The Diary of Anne Frank and The Wizard of Oz on religious grounds.
NEWS
September 10, 2000 | By Gilbert M. Gaul and Frank Fitzpatrick, INQUIRER STAFF WRITERS
At Penn State and a growing number of other schools with elite athletic programs, it is now possible for donors to endow the starting quarterback or point-guard position the same way a donor would endow a chair for a renowned professor of humanities. And these donors get the same tax breaks. Last year, Kenton and Audrey Broyles agreed to underwrite two endowments totaling $500,000 at Penn State - one for middle linebacker and the other for "setters" on the women's volleyball team.
NEWS
June 29, 2012 | Harry Gross
DEAR HARRY: In January 2011, my son "Jim" defaulted on his mortgage. His wife had not revealed to him that they were in financial trouble until it was too late. We were able to iron out all the marital issues, and I got all their finances on a current basis. He has a steady job that he's had for years, and he makes about $75,000 a year. We were then able to work out a deal with Fannie Mae for my other son, "Bill," to buy the house for a cash settlement of $257,000 (the house is worth upwards of $300,000)
NEWS
March 3, 1989 | By Chris Conway, Inquirer Trenton Bureau
The Senate narrowly approved major elements of a controversial plan yesterday that would raise state taxes and use the money to provide taxpayers with relief from local property levies. The plan, which has Gov. Kean's backing, would eliminate an income tax deduction and raise the wholesale tax on alcohol. Another component, set for a Senate vote soon, would place a 3-cent tax on some nonbiodegradable containers. The package faces a far more difficult test in the General Assembly, where there is widespread opposition from members of Kean's own Republican Party.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
July 17, 2016 | By Claudia Vargas, Staff Writer
The IRS has turned down the long-running effort by the Democratic convention's Philadelphia host committee to win a tax exemption. Word of the decision, a setback for efforts to raise the last of the $60 million needed to help pay for the July 25 to 28 convention, came Friday from its adviser, David L. Cohen. When the decision came - and why - is less clear. Cohen would say only that the IRS "recently" turned down the application for tax-exempt status under section 501(c)3 of the tax code, which the committee had sought for more than a year.
REAL_ESTATE
May 15, 2016 | By Alan J. Heavens, Staff Writer
Each year, in the run-up to the April filing deadline, I am inundated with income-tax tips by everyone and his sister. Property taxes, maybe, are in my domain, but income-tax matters are left up to others. I was fortunate to have the same accountant for 35 years; otherwise, I would now be in jail or on the run from the feds. It is sad that we lost our accountant, David Lidle, to ALS in February. He was a splendid accountant, who very early on urged my wife and me to buy our first house so we could keep some of the money we were paying the federal government in income taxes each year.
BUSINESS
February 23, 2016 | By Erin Arvedlund, Staff Writer
Want free help filing your taxes? The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who make $54,000 or less. IRS-certified volunteers provide free basic income tax return preparation with electronic filing. Besides VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, especially those 60 and older, specializing in questions about pensions and retirement issues. To locate the nearest VITA site near you, use the VITA Locator Tool at http://irs.treasury.gov/freetaxprep/ or call the IRS hotline 800-906-9887.
BUSINESS
November 24, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Sell your losers. Gift your winners. It's nearly December, time to evaluate your portfolio and sell off some losers. With the stock market setting records, investors have recorded terrific gains and can "harvest" tax losses to offset those, says Brad Bernstein of UBS. "Take losses now," says Bernstein, a UBS Wealth Management senior vice president in Center City. He has been swapping out under-performing mutual funds, reaping the losses, and swapping into better-performing mutual funds and exchange-traded funds.
BUSINESS
November 27, 2013 | By Erin E. Arvedlund, Inquirer Columnist
It's the giving season! Make charitable donations well before year-end 2013 in order to get your tax deduction. Don't wait until the last minute to make charitable donations to a favorite organization, or to transfer money to relatives free of gift taxes. Charitable IRA rollovers are one vehicle that JPMorgan highlights to older and retired clients. In 2013, taxpayers over age 70½ can make a direct transfer of up to $100,000 from an IRA to qualified charities (not including private foundations and donor-advised funds)
BUSINESS
April 10, 2013 | By Erin E. Arvedlund, Inquirer Columnist
Panic-stricken during tax time, many Americans dig out receipts for last year's charitable donations before filing by April 15 - only to discover the charity they gave serious money to either was a scam or wasn't eligible for a tax-deductible gift. If you're like me - meaning you routinely file your tax returns at the last minute - you can save yourself from being duped by a charitable donation gone awry. The American Red Cross and Goodwill are just two examples of well-known tax-exempt charities approved by the Internal Revenue Service.
BUSINESS
March 26, 2013 | By Joyce M. Rosenberg, Associated Press
A notable piece of small-business news on Capitol Hill concerns a tax proposal that could lift some of the uncertainty entrepreneurs complain about. Under a proposal announced this month by House Ways and Means Committee Chairman Dave Camp (R., Mich.), a popular tax deduction for equipment purchases would become permanent and be set at $250,000, aside from annual inflation adjustments. Known as the Section 179 deduction, it is scheduled to drop to $25,000 in 2014. It was set at $500,000 from 2010 through 2013.
NEWS
March 1, 2013
D EAR HARRY: I am a recently hired regional manager for a large franchising company. My job requires thatI own and know how to use a computer to submit daily reports from remote locations. My computer is a Mac, and I had some problems getting it synchronized with the company's large-capacity PC. As a result, the company shared with me the cost of a PC laptop. My tax preparer said that there was just no way I could get a tax deduction for it, even if my boss says it was required and will support that statement in writing.
NEWS
December 14, 2012 | By Jerry Markon and Peter Wallsten, Washington Post
WASHINGTON - The White House and the nation's most prominent charities are embroiled in a tense, behind-the-scenes debate over President Obama's push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health. In a series of recent meetings and calls, top White House aides have pressed nonprofit groups to line up behind the president's plan for reducing the federal deficit and averting the year-end fiscal cliff, according to people familiar with the talks.
NEWS
December 12, 2012 | By Annette John-Hall, Inquirer Columnist
A couple of weeks ago, I challenged you to take a holiday giving pledge. I asked you to share how you were giving back, not just by writing a charitable check for that all-important year-end tax deduction - but what exactly are you doing to give of yourself? By chronicling simple acts of giving, my hope was that we could usher in a different language, one in which we move beyond tossing out divisive labels like makers and takers , and celebrate each other for simply being givers . Not to mention we'd be helping those in need during a time they need it most.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|