Horsepower was in a exhibition battle against SCSU “Thunder Brothers” at the Warren County HS BOTB in 2009. Fanfare #2 “Tax Return”
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The Effects of Intergovernmental Grants on State Taxes
The Mercatus Center is hosting a breakfast roundtable discussion with Dr. Russell Sobel of West Virginia University and the Mercatus Center on his recent paper, “Do Intergovernmental Grants Create Ratchet Effects in State and Local Taxes?” This paper addresses the question of whether federal funding in a given year results in states beginning new spending programs that then in the future require own-source revenue through state taxes to continue to fund them. During this discussion Dr. Sobel addresses: * If federal grants like the American Recovery and Reinvestment Act (ARRA) can actually increase state and local taxes. * Whether intergovernmental grants create a permanent ratchet in the size of state and local governments in the United States. * The long term implications of federal funding to the states.
Virginia Tops the 2012 MoneyRates.com List of Best States to Make a Living; Hawaii Deemed Worst State for Second Year
Virginia Tops the 2012 MoneyRates.com List of Best States to Make a Living; Hawaii Deemed Worst State for Second Year
Foster City, Calif. (PRWEB) March 19, 2012
Virginia tops the list in MoneyRates.com’s 2012 Best States to Make a Living, displacing 2011 winner Illinois, which falls to fourth place. Hawaii earns Worst State to Make a Living for the second year in a row.
The study, which calculated rankings through an adjusted average income figure for each state, reveals sharp differences between the best and worst states. Virginia’s adjusted average income was $ 43,677, while Hawaii’s was just $ 22,394 – more than $ 7,000 less than the next-to-worst state, Maine.
“The differences between the top and bottom states are pretty extreme,” says Richard Barrington, senior financial analyst for MoneyRates.com. “It’s important for people to be aware of these differences. Someone who is struggling to find a job or make a living wage in one state might find things significantly easier in another state.”
The ranking of some states changed significantly from MoneyRates.com’s 2011 rankings. Nevada rose most dramatically, moving up 22 places to become the 18th best state to make a living. Three states appear in the top 10 list for the first time: Michigan, Wyoming and Utah.
With the exception of South Dakota, which dropped 14 places to the 10th worst state to make a living, all of the 10 worst states from the 2012 rankings were among the 10 worst states to make a living in 2011.
“The purpose of this exercise isn’t to criticize states where conditions are tough,” explains Barrington. “The inspiration behind the analysis is to help people. No. 1, if you are having a tough time, you can get a feel for whether things might be better somewhere else. No. 2, if you do decide to make a move, you can choose a place where the odds may be on your side.”
A recent CareerBuilder survey found that 44 percent of workers said they would be willing to relocate for a job opportunity, indicating that a significant number of workers might consider crossing state lines to better their career and income prospects.
The 10 Best States to Make a Living in 2012, according to MoneyRates.com’s adjusted average income calculation, is:
1. Virginia – $ 43,677
2. Washington – $ 43,662
3. Texas – $ 42,816
4. Illinois – $ 41,865
5. Colorado – $ 40,490
6. Michigan – $ 40,490
7. Wyoming – $ 39,745
8. Utah – $ 39,250
9. Delaware – $ 38,802
10. Massachusetts – $ 38,793
The 10 Worst States to Make a Living in 2012, according to MoneyRates.com’s adjusted average income calculation, is:
1. Hawaii – $ 22,394
2. Maine – $ 29,703
3. Vermont – $ 30,433
4. Mississippi – $ 31,178
5. Montana – $ 31,256
6. Rhode Island – $ 31,353
7. California – $ 31,459
8. West Virginia – $ 32,297
9. South Carolina – $ 32,645
10. South Dakota – $ 33,121
For more details, please see MoneyRates.com’s 2012 Best States to Make a Living and Worst States to Make a Living, as well as the full ranking of all 50 states.
Methodology
MoneyRates.com used four factors in its analysis: unemployment rates and average annual wages from the U.S. Bureau of Labor Statistics, state income tax rates from the Tax Foundation and cost of living data from the ACCRA Cost of Living Index.
Starting with each state’s mean annual wages, the figures were adjusted in accordance with tax rates, unemployment rates and cost of living figures. The resulting number is the adjusted average income figure used in the rankings.
About MoneyRates.com
MoneyRates.com has been a leading source of information on bank rates, personal finance, savings accounts and investing since 1999. The site provides the highest rates on CDs, money market accounts and high-yield savings accounts. The Web Marketing Association awarded a Financial Services Standard of Excellence to MoneyRates.com in the 2011 WebAwards competition.
MoneyRates.com is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to find, research and select the products, services and brands that best meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.
Press Contact
Andrew Heilman
775-784-3842
pr(at)moneyrates(dot)com
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New Sustainable Series is the ?Greenest? Acoustical Product Line on the Market
New Sustainable Series is the ‘Greenest’ Acoustical Product Line on the Market
Richmond, VA (PRWEB) February 23, 2012
For years Acoustical Solutions, the industry leader in noise control, has offered products that help businesses earn Leadership in Energy and Environmental Design (LEED) credits. This year, however, they set out to offer a cohesive line that takes advantage of all recyclable and sustainable materials available, earning more credits and easing the decision of builders to choose green products.
“We have always been conscious of the need to offer ‘green’ or environmentally friendly products, and LEED has made them more appealing to our client base,” said Dave Ingersoll, Sales Manager at Acoustical Solutions, Inc., “but I think that the Sustainable Series we released this year will draw even more businesses and builders to LEED certification because they earn so many credits and are affordable”.
LEED was developed by the U.S. Green Building Council (USGBC) in March 2000 and provides building owners and operators with a set of guidelines for building or converting existing structures into green spaces. What is appealing about being LEED certified are not only the ethical issues, although the public anxiety over environmental concerns is certainly not decreasing, but the fiscal as well. LEED certification qualifies business for tax rebates, zoning allowances, and according to a 2010 study conducted by McGraw Hill Construction, green building improves the property owner’s return on investment 9.9% for new construction. For existing building projects that figure is 19.2%.
Acoustical Solutions has an extensive client list that ranges from top broadcasting companies such as CNN and HBO to colleges and universities such as Richmond’s own Virginia Commonwealth University. Many of these clients are beginning to look closer at obtaining LEED certification, like corporate client, Best Buy: “With LEED certification, Best Buy gains the advantage of third party verification,” said Danielle Tallman, associate development manager at Best Buy, in an interview with USGBC, “we like that stamp of approval. It sets us apart from other retailers and allows us to promote the very tangible difference that we’re making”.
The Sustainable Series line of Acoustical Products includes Wall Panels, Ceiling Tiles, Cloud Mount Panels, and Baffles. They all use Ecose Fiberglass inserts, which are made with post-consumer bottle glass and are 100% recyclable, and covered in a Sustainable Eco-Fabric, the industry’s first ‘no-compromise’ eco-friendly wallcovering platform. Sustainable Series products do not compromise on aesthetics, functionality, or price. They are just as affordable as traditional acoustical treatment and the fabric is available in a true, clean white, as well as many other patterns.
About Acoustical Solutions, Inc.:
Since 1989 Acoustical Solutions, Inc. has provided the detailed expertise needed to serve the noise control community. Acoustical Solutions, Inc. works with a wide variety of customers from commercial and residential development to worship facilities, recording studios and home theater designers. Acoustical Solutions, Inc. offers the industry’s most comprehensive selection of noise control and soundproofing products, including a full line of indoor and outdoor industrial, commercial, environmental and architectural noise control products. For more information please visit http://www.AcousticalSolutions.com, call 1-800-782-5742, or see our media kit.
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Liberty Tax Covers Tax Tips for Homeowners
Liberty Tax Covers Tax Tips for Homeowners
Virginia Beach, VA (PRWEB) February 27, 2012
Homeownership is often the tipping point for a taxpayer to start itemizing deductions and deducting certain qualified expenses, rather than taking the standard deduction amount, according to Liberty Tax Service. Mortgage interest can be deducted for a primary home, a second mortgage, points, a home equity loan, or line of credit secured by the home. A boat or RV can be considered a first or second home if it has facilities for sleeping and cooking, and has a toilet.
“Mortgage insurance premiums are deductible as interest for filing a 2011 return,” added John Hewitt, Founder and CEO of Liberty Tax Service.
Liberty Tax examines some other tax measures for homeowners filing a 2011 tax return:
A Residential Energy Credit Continued in 2011
For eligible property placed in service during 2011, homeowners may be able to claim a credit of up to $ 500 of the cost of certain energy efficient property. The residential energy credit may offer a tax break on a 2011 return if all installation was completed in 2011. Residential energy credits apply only for main homes, and can include a new roof or exterior doors that meet the Energy Star requirements. The 2011 credit must be reduced by the amount of any residential energy credit taken after 2005, and can be claimed by filing Form 5695 Residential Energy Credit.
Tax Relief for Some Financially Distressed Homeowners Was Extended in 2011
Homeowners experiencing “short sales” and foreclosures will get a break for “debt-forgiveness” tax consequences. Instead of treating cancellation of debt as taxable income on the foreclosure of a principle home, no taxes will be levied on discharges of indebtedness of up to $ 2 million dollars for married taxpayers filing jointly and of up to $ 1 million dollars for a married taxpayer filing a separate return through tax year 2012.
Remaining Points May be Deductible in the Year of Home Sale
Starting in 2011, those selling a home who haven’t deducted all of their points may be able to deduct them in the year that they sell the home. A home seller who is a single taxpayer has the opportunity to owe no tax on the first $ 250,000 of profit for the sale of a home owned and lived in for two of the last five years. A married couple owes no taxes on the first $ 500,000 of profit for the same time period.
It’s Payback Time for Some Who Claimed First-Time Home Buyer Credit
Taxpayers who purchased their homes before January 1, 2009 and took the First-Time Home Buyer Credit are required to continue repaying the credit in 2011. The credit is recaptured over 15 years. The repayment is reported directly on Form 1040, U.S. Individual Income Tax Return. line 59b. If the home is sold or ceases to be the principal residence, the remaining credit is recaptured in the year of sale, and cannot exceed the gain on the disposition. Those repaying the credit as a result of discontinued use as their principal residence will need to file Form 5405, First-Time Homebuyer Credit and Repayment of the Credit with their 2011 tax return.
About Liberty Tax Service
Liberty Tax Service is the fastest growing retail tax preparation company in the industry’s history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service (http://www.libertytax.com) has prepared over 9,000,000 individual income tax returns.
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Galaxy Apartments Open In Downtown Silver Spring, MD
Galaxy Apartments Open In Downtown Silver Spring, MD
Silver Spring, MD (PRWEB) February 13, 2012
The stars aligned two years ago when developer RST Development and Montgomery County, MD combined forces to launch construction on the Galaxy, a new five-story, 195-unit, mid-rise rental apartment building in downtown Silver Spring, MD. Leased and managed by Hercules Real Estate, the Galaxy’s leasing center was recently opened to prospective residents. A stunning, decorated model apartment is open for touring, public art is dazzling pedestrians and dozens of one, two and two bedroom with den apartments have been pre-leased. The Galaxy brings 82 affordable apartments and 113 market units to this dynamic section of Silver Spring.
“The Galaxy is opening its doors to residents at a very opportune time in the market,” said RST Development Principal, Scott Copeland. “Our location in the core of Silver Spring’s arts district, walking distance to the Metro, has great appeal to the growing number of individuals and families who want to rent in a close-in location. We brought in top local design talent and artists to create a fresh, contemporary design and a decidedly urban feel to this project.”
“The Galaxy team is fulfilling its promise to bring affordable and market rate housing as well as additional parking to downtown Silver Spring,” said Richard Y. Nelson, Jr., Director of the Montgomery County – Department of Housing and Community Affairs. “This public-private initiative demonstrates the opportunity we have for win-win-win developments in Montgomery County. The Galaxy is a win for residents of many income levels, a win for the County in bringing additional parking for a 24-7 neighborhood and a win for a development team that is opening the right product at exactly the right time.”
Galaxy residents will enjoy an abundance of light and air at this stylish addition to downtown Silver Spring. A public plaza greets residents and their guests as they approach the project and a peaceful interior courtyard with benches and sculpture provides for both a quiet visit and allows for tranquil views from balconies and patios. A green roof provides eco-friendly storm water management and solar panels reduce the building’s energy load.
Creating a pedestrian friendly path through the block between 13th Street and King Street, a new Art Walk will offer the opportunity for art installations by local artists. A stunning mural by acclaimed local artist, Martha Jackson Jarvis, greets residents at the entrance to the building.
Downtown Silver Spring combines convenience and extraordinary transportation access with an eclectic mix of dining, shopping, and entertainment. Galaxy residents will have front door access to the free VanGo shuttle service that serves more than two dozen Silver Spring stops, making outings to the many concerts, arts and crafts fairs, farmers market and cultural festivals easy and affordable. The Silver Spring Metro station is close to the project and three bus shelters with real-time schedule information flank the project. Bicyclists will find plentiful storage and the 368-car underground garage provides 208 dedicated spaces for residents as well as car share parking and public parking. A full service concierge and an Onsite Transportation Benefits Coordinator bring convenience and efficiency to life at the Galaxy.
Galaxy amenities include a large, luxurious clubroom with pool table, flat screen televisions and a Wii™ station as well as a cyber café with a Wi-Fi Hotspot. A fully equipped private fitness center sports glass windows to the plaza. Apartments are designed with condo-grade finishes, from custom cabinetry to granite countertops and stainless steel appliances to ceramic floors, full-size washers and dryers, walk-in closets, patios and balconies. Families will enjoy not only the easy walk to local favorite restaurants, grocery stores such as Whole Foods, movies and shops but also the private “tot lot” with creatively designed play equipment.
The Galaxy was developed by RST Development after an extensive property assemblage and is an example of a public private partnership working together for jobs, affordable housing and development. The financing included a tax-exempt bond mortgage of $ 38.5 million provided by the Montgomery County Housing Opportunities Commission, along with a $ 5 million loan from the Montgomery County Department of Housing and Community Affairs, from the County’s Housing Initiative Fund. The County also provided a Payment in Lieu of Taxes (PILOT) agreement. The Maryland Department of Housing and Community Development provided Low Income Housing Tax Credits. The 368-space parking garage is the result of a partnership between RST Development and the Montgomery County Parking Lot District, who owned the surface lot that existed prior to development.
The Galaxy team is comprised of top quality firms in the areas of design and construction:
Clark Realty Builders – General Contractor
A.R. Meyers & Associates Architects, Inc. AIA – Architect
Studio 39 – Landscape Architect
Hartman Design Group – Interior Design
Martha Jackson Jarvis – Mural
Streetsense – Marketing
About Hercules Living
Founded in 1995, the family-owned Hercules Real Estate Services now owns and manages over 40 properties, comprising of over 8,000 units, in six states – Pennsylvania, Maryland, Virginia, North Carolina, South Carolina, Georgia — and Washington, D.C. Approximately 80 percent of Hercules Real Estate’s portfolio is designated affordable under the Low Income Housing Tax Credit program. In little over a decade, Hercules has emerged as one of the leading companies of its kind in the mid-Atlantic and Southeast regions. For more information, please visit http://www.HerculesLiving.com
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State-Run 529 College-Savings Plans Continue to Drive Down Costs
State-Run 529 College-Savings Plans Continue to Drive Down Costs
(PRWEB) January 13, 2012
Savingforcollege.com, an independent source of information, data, and rankings of 529 college-savings plans, has found continuing decreases in fees and expenses among the increasingly-popular investment programs. The website’s 529 Fee Study, updated as of January 1, 2012, shows that fully half (24) of the 48 direct-sold 529 plans that are open to residents of any state have at least one investment option with total 10-year costs below $ 500 on a $ 10,000 initial investment that achieves 5 percent annual growth.
The 529 plans in Virginia (VEST), California (ScholarShare), Ohio (CollegeAdvantage), and Utah (UESP) currently offer the lowest-cost 529 investment options among nationally-available plans, with each having at least one stock- or bond-based option with 10-year costs totaling less than $ 300 on a $ 10,000 initial investment.
“The race toward lower fees began in 2003 and has accelerated in recent years,” according to Joseph Hurley, founder of Savingforcollege.com and CEO of parent company JFH Innovative LLC. “Many states have pushed for and achieved manager fee reductions through competitive bidding practices, and by switching to index funds in plan investment portfolios.”
Savingforcollege.com’s 529 Fee Study examines all direct-sold 529 savings plans, with data compiled from the fee tables that are part of the official program disclosures. (Broker-sold 529 plans generally have much more complex fee structures and are not part of the study.) Costs include all account maintenance fees and underlying fund expense ratios. The “no-fee” bank CD options and insurance-backed guaranteed options found in several of the 529 plans are excluded from the study.
A small number of states restrict enrollment in their 529 plans to state residents. For example, Louisiana maintains the lowest-cost option of any 529 savings plan, but the plan is available only to Louisiana residents.
Fees and expenses can have a significant impact on a college-savings fund. If the annual return of the underlying investments in Plan A is 7 percent, and the plan manager charges a fee of 20 basis points, or 0.2 percent, an investment of $ 5,000 today will grow to be worth $ 16,340 in 18 years. If Plan B uses the same underlying investments, but charges a management fee of 40 basis points, that same $ 5,000 investment will grow to $ 15,798, or $ 542 (3.4 percent) less than Plan A. The difference can be even larger if Plan A uses less-expensive underlying investments (e.g., index funds) than Plan B.
However, fees should not be the only factor in selecting a 529 plan. The more important figure is the net performance of your 529 account after all costs. State tax and other benefits are also important factors.
529 Fee Study (54 Plans)
10-year costs on $ 10,000 investment
Lowest cost option – Highest cost option
Louisiana: START Saving Program $ 0 – $ 567
Rhode Island: CollegeBoundfund (Direct-sold, Alternative RI) $ 77 – $ 1,556
Virginia: Virginia Education Savings Trust (VEST) $ 117 – $ 1,172
California: The ScholarShare College Savings Plan $ 230 – $ 776
Ohio: Ohio CollegeAdvantage 529 Savings Plan $ 243 – $ 1271
Utah: Utah Educational Savings Plan (UESP) $ 262 – $ 757
South Carolina: Future Scholar 529 College Savings Plan (Direct-sold) $ 293 – $ 726
Arizona: Fidelity Arizona College Savings Plan $ 318 – $ 1,707
Delaware: Delaware College Investment Plan $ 318 – $ 1,707
Massachusetts: U.Fund College Investing Plan $ 318 – $ 1,707
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When Firearms Are Found at Storage Auctions
When Firearms Are Found at Storage Auctions
Prince William County, Virginia (PRWEB) January 11, 2012
With the introduction of several reality-based television shows on the subject, storage auctions have become a popular source of income for many Americans. Firearms are often found among the contents of storage units sold at auction and are highly sought after by bidders for their high value and easy resale.
“Everyone wants to find guns in a storage unit. They represent a profitable discovery that’s easily converted into cash,” said Adam Meyer, a veteran storage auction buyer from Virginia. “There are also a lot of misconceptions among bidders concerning taking ownership of a firearm through an auction,” added Meyer.
The sale or transfer of firearms is regulated by federal and state laws and, in some cases, local ordinances. StorageAuctionCentral.com spoke with Virginia-based attorney Michael Coster and asked what legal issues arise for buyers in his state who acquire firearms through storage auctions.
“In the event a sporting firearm is acquired by auction sale pursuant to the Virginia Self-Service Storage Act, the buyer, unless ineligible, takes good title and has no reporting obligations,” said Coster. “Virginia does not require reporting or registration of ordinary sporting firearms, including handguns, between private parties that are residents of Virginia.”
“A prudent buyer would make an inquiry of the Virginia State Police about any reports of theft of that particular firearm using the serial number found on it. Of course, non-routine circumstances, such as an altered serial number, could make the firearm not legal to transfer or possess,” added Coster.
But what about the rare occasion where a buyer uncovers a Title II firearm, such as a fully automatic rifle?
“The transfer of a title II firearm is strictly regulated and requires the signature of both the seller and the buyer, as well as payment of a tax. A title II firearm, which includes a short-barrel rifle, short-barrel shotgun, noise suppressor, and full-automatic firearm, among other things, that is even temporarily possessed without a complete BATFE transfer tax form (usually a Form 4) is contraband and can ONLY be transferred to the BATFE. Possession otherwise constitutes a felony. Here, the answer is simple: in either case, the new owner has to notify ATF and arrange transfer to them,” said Coster.
StorageAuctionCentral.com is a leading provider of storage auction news and information. Discuss this article on our storage auction forum. Advice for this article was obtained from Michael Coster, a Virginia Attorney, mikec(at)resolvelaw(dot)com. Other “gun friendly” attorneys may be found at http://www.vcdl.org.
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Online Sales Tax Collection and Virginia
Online Sales Tax Collection and Virginia
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