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This Article examines the tax treatment of Islamic mortgage alternatives and considers the cultural and constitutional implications of the tax treatment of mortgage debt. Islamic law cannot be separated from the religion of Islam, and one of the primary tenets of Islamic law is the prohibition of riba, which is defined by some Islamic jurists as the payment of interest on any loan. Financing institutions, working with Muslim religious leaders, have developed a number of financing instruments that do not violate the prohibition against riba, thus facilitating home ownership for those Muslims who do not feel comfortable with a traditional mortgage. Should payments under such instruments qualify for the home mortgage interest deduction? What are the potential consequences of either permitt...
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The combination of health savings accounts (HSAs) and qualified high deductible health plans (QHDHPs) has proven to be a powerful weapon in the battle of rising health insurance costs. Because consumers who use this solution have an opportunity to save hundreds and even thousands of dollars on health insurance premiums, these plans have become increasingly popular with Utah residents since their introduction in 2003.
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The cost of a pure business trip is 100 percent deductible. Unreimbursed hotel, airfare, car expenses, cleaning, telephone, tips, are all 100 percent deductible as well. Up to 50 percent of the cost of meals are deductible. In general, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job.
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Layoffs are possible in Kenmore if unionized village workers refuse to accept a higher deductible for their health care coverage. The Village Board bet on that concession Tuesday in approving a $15.4 million budget for 2011-12. Despite that and other measures, the annual tax bill is going up $38.22 on the average home assessed at $50,000.
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Fuel prices are dropping, but the average gallon of regular gasoline in Los Angeles still is about 65 cents higher than it was a year ago, when a gallon cost about $3.15. In an effort to better reflect the true cost of driving, the Internal Revenue Service has increased the deductible mileage cost to 55.5 cents per mile from 51 cents. The federal government and many businesses use the rate to reimburse employees for mileage driven for work.
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Among the manure spread out over the 2,074 pages of the original Senate Health Care bill and the additional 383 pages of the Manager's Amendment are two sections that will significantly change the use of "Health Flexible Spending Arrangements Under Cafeteria Plans" -- simply called FSA. According to many, FSAs encourage the overconsumption of health care, and besides, they are more valuable to higher wage earners. If you can get past the limitation in total dollar amount -- indexed for inflation or not -- you find the more confounding FSA changes in the bill itself. Prohibiting the purchase of over-the-counter drugs with FSA dollars will put an interesting strain on insureds. The political consideration may be the realization that this is a tip of the hat from government to the pharmace...
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So, if anybody wants to make a contribution, they don't have to wait until the end of this year. They can deduct it" from this year's taxes," the chairman continued. "When the crisis in Haiti broke out, I can't tell you how many people felt helpless and how many people really wanted to help, especially here in the Harlem community. Congressman [Charles Rangel] is giving us a way and a means to be able to do something," acknowledged Assemblyman [Keith Wright], who also organized leaders to support Haiti. "Today is not a day of celebration. It is a day of commemoration. [As I spoke at St. Martin's Episcopal Church to commemorate Dr. King's life], many didn't know that Pat Robertson said that God was punishing the Haitian people for their sins. If that were true, this whole nation would b...
