| New ways to look at old wisdom
There used to be a TV commercial from an investment company whose motto was, "It's not what you make, it's what you keep." Its message about maximizing after-tax returns still holds true, but the best way to achieve that goal has changed over the years. Here are a few examples of situations where traditional advice may no longer make sense: Old wisdom: Put as much money as the IRS allows into your company's 401k plan. You will save immediate taxes on the amount of your contribution, the money will grow tax deferred, and when you withdraw it after retirement, you will be in a lower tax bracket. Considerations: Although no one can predict the future, there is a very real possibility that your tax bracket may actually be higher in retirement than it is now.
Calculating taxes on stock transactions
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 16. To be included in the following weeks, please use the form at the right side of this page to submit your questions.
Ted, Fallston: On a direct rollover from a company retirement plan to a 401k at a bank, is the gross distribution amount on the form 1099-R added to the total earnings even though no federal tax is withheld?
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Candidates for mayor trade barbs
In the most substantive and entertaining of the candidate forums so far this election season, the three candidates for mayor in next week's Coral Gables City Elections took turns taking subtle and not-so-subtle shots at one another at a Gables Political Action Committee (PAC)-sponsored forum held at the Coral Gables Congregational Church on April 2. Helen Aguirre Ferre moderated the forum which followed suit in the tone of previous forums this election season, and most in general, as challengers described what they considered a wasteful and careless city government, while the current mayor hailed the positive sides of the city. In their opening remarks, which followed a question on why each candidate was running for office, both challengers criticized the existing administration and current Mayor Don Slesnick in particular for being careless with taxpayers dollars and allowing several important aspects of governance to go unchecked. “The mayor has set a standard for procrastination and wasting tax dollars," Namon said. The challenger specifically chided Slesnick for inaction regarding the purchasing of buildings adjacent to City Hall when it could end up costing the city more than $2 million. The other challenger, former Mayor George Corrigan, used his opening salvo to poke fun at Namon and the mayor. “I'm running for office for basically the same reasons as (Namon) said.
CITY-WORKER BENEFITS: A $ORE ISSUE
WITHIN FIVE YEARS, the city of Philadelphia will be spending more than one of every four of its tax dollars on what used to be called "fringe benefits." But pensions and health-care costs are now far from the fringe. In fact, they are at the heart of a fiscal crisis facing the next mayor. In a budget estimated to be $4.1 billion by 2012, the city will be forking over an estimated $1.13 billion to pay for pensions and health care. That's 27.5 percent of its total spending. It's one reason why mayoral candidate Tom Knox's plan to hire 1,000 new police officers, or even the 500 officers that Michael Nutter and Dwight Evans want, is problematic at best. With so much of the budget going to worker benefits, there's no money to add services. The budget problems that will severely constrain the next administration have not become campaign fodder in the mayor's race so far.
Creative Successes Push Innovative MDS Advertising to Ranking ...
AUSTIN, Texas - Apr. 10 (SEND2PRESS NEWSWIRE) -- High-performance MDS Advertising is among Austin's top dozen creative ad agencies according to results announced Friday in the Austin Business Journal ranking of the top 25 advertising firms in Austin. MDS has been a creative secret weapon for its clients since 1991 when MDS moved to Austin from Los Angeles. But with client ad budgets cresting $22 million in 2006, MDS will take its place among ad industry players in the city. The company was launched by design and marketing wizard David Hubbard, and software developer Victoria Marasco after the partners expanded their successful California software design and marketing company to Texas, and opened MDS Advertising in Austin. (Photo: MDS Advertising founders Victoria Marasco and David Hubbard celebrate bringing home the bling and having their Austin agency named to the top 12 ad agencies in Austin by the Austin Business Journal.) They built the lean, high-creative, design-savvy and full-service Austin ad agency, keeping a low profile and aiming for big results for its clients.
Duffy's swallows Roadhouse Grill
PALM BEACH GARDENS — Duffy's Sports Grill spent the past two decades building a presence in Palm Beach County and the Treasure Coast by taking over restaurant sites, one by one, from down-and-out eateries. On Monday, the Palm Beach Gardens-based chain announced it would snag 57 struggling restaurants in one fell swoop with the purchase of Pompano Beach-based Roadhouse Grill Inc. .
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