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If you think Romney and Gingrich disagree about undocumented immigrants, their tax returns suggest that they're polar opposites when it comes to investing in municipal bonds to earn tax-free interest. Remember, to figure the taxable-equivalent yield of a tax-free bond, divide the tax-free yield by 1 minus your marginal tax rate. When you buy your principal residence, points you pay to get your mortgage are fully deductible on your tax return for the year you close. That can lead to relatively small -- and relatively easy-to-forget -- write offs.

But if you follow Gingrich's example, you won't miss this tax break. Anyone planning a substantial charitable gift this year should take a page from Romney's playbook and consider donating appreciated securities rather than cash. As long as you have owned the asset for more than a year, you get to deduct the full fair market value of the gift, not what you paid for it. And neither you nor the charity ever has to pay tax on the appreciation that accrued while you owned the stock.

Even if you don't itemize deductions, you can write off alimony paid to an ex-spouse That appears to have happened to at least one of Mitt Romney's investments. The stock market meltdown of was not kind to Mitt Romney.

Any excess is carried over to the next year. If you had carryover losses on your return as the Gingriches didbe sure to revive them when you complete your Schedule D this Casino Political Action Committee Contributions Deductible Mortgage.

Congress has created special rules for what it calls "passive activities," a group that includes most investments in real estate and limited-partnerships. Basically, losses from such investments can only be deducted against gains from similar activities. He can stockpile the disallowed loss and deduct it when he sells the property.

Plenty of politicians have gotten in trouble in the past for failing to pay Social Security taxes for their child-care providers and household help. Both Romney and Gingrich included the form and paid the piper for their household help in The federal income tax is on a pay-as-you-earn system.

If you don't pay in enough during the year -- via withholding from paychecks or estimated tax payments -- the IRSwill slap on an underpayment penalty. The opposite side of the coin from the underpayment penalty is paying in too much doing the year.

We think that's silly, and have a calculator to help you match withholding from your paychecks to what you'll owe for the year. Our calculator won't help Romney, though, since he has no wages from which to withhold. He overpays via quarterly estimated tax payments, and boy does he overpay! He didn't ask for a refund, though. He let the IRSkeep the cash as a down payment on his tax bill. Forthe 6. If you work more than one job and your combined salary exceeds the wage base, too much tax will Game Of Chance Casino Vacations All-inclusive Resorts withheld from your pay.

But he didn't get the tax break. Rather than claim the special deduction, Romney reported the premiums as medical expense on Schedule A, where a deduction is allowed only to the extent such expenses exceed 7.

Tax Breaks for the Middle Class. The 10 Best U. Cities for Raising a Family. Companies That Will Disappear. Subscribe to our other newsletters. All index data provided on a 15 minute delay. Search The Web Search Aol.

Political Action Committee - (PAC)

Who's Buying Your Next President? Sheldon Adelson Makes His Bid window. Over the past few weeks, Sheldon Adelson made headlines for his outsized gifts to Newt Gingrich, which have quickly turned him into the biggest individual spender in the election cycle.

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  • While no state lets you deduct political contributions, four of them—Arkansas, Ohio, Oregon, and Virginia—actually do something better: They offer a tax The state is very open about where you can donate: Political action committees and individual candidates in local, state, and federal elections are all fair  Missing: casino.
  • A Political Action Committee (PAC) is a popular term for a political committee organized by like-minded people, like REALTORS®, for the purpose of raising and spending money to elect and defeat candidates. The PAC's money must come from voluntary contributions from members rather than the member's dues pokiesonlines.netg: casino.
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But while the casino mogul's huge donations have elevated Gingrich's chances in the Republican primaries, they've also raised quite a few eyebrows. Thanks to the Supreme Court's Citizens United ruling and the rise of super PACs, billionaires and corporations are able to make almost unlimited political donations, leading an growing number of pundits to wonder aloud if the U.

And if Adelson is the highest bidder, who will end up running the game? A Self-Made Man Adelson is pretty much the definition of a self-made man. The son of Ukrainian Jewish immigrants, he dropped out of City College of New York before starting several businesses, including a chartered bus tour company, a business selling toiletry kits to hotels, and an investment firm.

A few years later, he purchased the Las Vegas' Sands hotel and casino. It became the first property in a resort empire that stretches now around the globe. A former Democrat, he switched parties when he became wealthy and wanted to reduce his taxes.

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As The New Yorker reported inhe allegedly told an associate, "Why is it fair that I should be paying a higher percentage of taxes than anyone else? Right now, that's Newt Gingrich, whose low-tax, pro-Israel stances appeal to Adelson. And the casino owner has shown his approval in the form of fat checks: To begin with, most Americans don't contribute to political candidates, and, when they do, their gifts are modest.

According to the Center for Responsive Politicsonly 0. Adelson and his wife are the 0. Yes, Adelson and his wife gave the yearly income of a small town in order to help Gingrich win the South Carolina primary and keep his head above water in Florida. The average political donor -- or voter -- can hardly hope to keep up. Super-PACs On the surface, at least, there are restrictions in place to keep the rich from controlling the political conversation.

However, super PACs -- political action committees that are, allegedly, not connected to specific candidates -- are allowed to collect unlimited amounts of money. Discover More Like This. Can't get enough business news? The Latest from our Partners. Markets US Globals Currencies.

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(Political Action Committee), and Credits > Are Your Political Campaign Contributions Tax Deductible? Are Your Political Campaign Contributions Tax Deductible? Most political contributions, Are political contributions tax deductible? political party or political action committee. Campaign Contributions Are Not Tax Deductible. Any donation to a political party, campaign, or action committee Other non-deductible contributions are those.

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AP Gov Review: Video #20 - Political Action Committees and Super PACs