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      September 18, 2018

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Tax Relief in Maryland

Maryland MapWhen analyzing Marylandís rankings with respect to taxes, state residents tend to be near the top of the charts - both positive and negative. For example, Maryland has the fourth highest median household income in the nation: $65,262. Unsurprisingly, the state also has the 7th highest average federal income tax collection among all fifty states, with a typical amount of $12,882, more than $1,000 higher than the national average.

Although Marylandís top individual income tax rate is 5.75%, 24th lowest among all states levying an individual income tax, the actual amount collected in local and state income taxes ($1,823) puts Maryland in 2nd highest place.

With respect to property taxes, Maryland collects $1,449 per capita, 17th highest in the nation.

Residents of Maryland have experienced the decline in median household incomes that has affected all of the United States. On average, household incomes have dropped by approximately 11.5% in recent years. This decline in income, coupled with other financial challenges due to job loss, medical bills, or other unexpected debts have resulted in a significant portion of state residents becoming delinquent in meeting their tax obligations as they do not have savings set aside for the purpose of paying their tax bills.

However, many individuals in Maryland are turning to tax relief companies to help address their struggles with tax debt. An experienced tax relief company can help residents avoid or eliminate the stress of wage garnishment, seizure of assets, and knowing that they are under scrutiny by the IRS or state tax collection agencies. There are a number of strategies available for tax relief, such as reviewing and amending tax returns, setting up payment plans, and even negotiating penalty abatement. Tax relief experts are the best source of information and help in employing such approaches and can help Maryland residents solve their serious tax debt problems.

 

Democratic gubernatorial candidate Ben Jealous vows to seek a cut in Maryland sales tax if elected

Democratic gubernatorial challenger Ben Jealous will attempt to lay claim to the mantle of tax-cutter Thursday, announcing at a Baltimore news conference that if elected he will call for reducing the ...

Published:  Fri, 07 Sep 2018 10:20:00 GMT



Maryland just opened up a tax credit for cybersecurity investors

A change in the incentive for investors in the state's cybersecurity companies was passed in Annapolis this year. The law also includes a unique tax credit for small businesses who buy local. Followin...

Published:  Thu, 13 Sep 2018 09:47:00 GMT



D.C. and Maryland Lower Estate Tax Exemptions

In 2017, both the District of Columbia (D.C.) and Maryland were on track to match the federal estate tax exclusion amount: D.C. in 2018 and Maryland in 2019. However, both jurisdictions were apparentl...

Published:  Thu, 13 Sep 2018 11:49:00 GMT



Jealous, Hogan trade blows over proposal to lower Maryland sales tax

Ben Jealous unveiled a proposal Thursday morning in Baltimore to lower Maryland's sales tax rate, a move he said will boost the state's economy. Jealous, the Democratic nominee for governor, is taking ...

Published:  Thu, 06 Sep 2018 13:22:00 GMT



Ameritech Financial: Sept.15 Deadline for Maryland Student Loan Debt Tax Credit Fast Approaching

ROHNERT PARK, Calif., September 14, 2018 (Newswire.com) - The Sept. 15 deadline for applications to a Maryland student loan debt tax credit is fast approaching. The tax credit is available for Marylan...

Published:  Fri, 14 Sep 2018 05:31:00 GMT



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