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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.

 

Proposal would allow Howard County to impose a plastic bag tax

The tax would not apply to paper bags, plastic bags used for bulk vegetables or produce, dry cleaning, newspapers or prescription drugs. Two other Maryland counties have bag taxes, enacted to reduce u...

Published:  Fri, 16 Nov 2018 09:54:00 GMT



Maryland Voters Approve Ballot Measure, Direct Gambling Tax Revenue To Schools

The Maryland school system should be getting an influx of cash soon thanks to voters, who overwhelmingly approved Question 1 on the state midterm ballot. The measure, which increases the amount of cas...

Published:  Sun, 11 Nov 2018 22:36:00 GMT



Larry Hogan beat the Trump effect in Maryland

Eric Cortellessa is the digital editor of the Washington Monthly. Larry Hogan made history Tuesday night when he became Maryland's first Republican governor to win reelection since 1954. But his party ...

Published:  Fri, 09 Nov 2018 13:37:00 GMT



MAP: The most and least tax-friendly states

Many states that make up the Northeast were among the least tax-friendly, including Maryland, New York, New Jersey, Connecticut, Vermont, and Maine. The top spot, however, went to Minnesota. With a st...

Published:  Wed, 24 Oct 2018 15:14:00 GMT



Maryland approves tax-incentive zones around 3 colleges

Maryland has approved the creation of three tax-incentive zones around universities in the state. The Maryland Department of Commerce authorized three Regional Institution Strategic Enterprise Zones, ...

Published:  Tue, 23 Oct 2018 08:51:00 GMT



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