The State of Maryland has issued updates and reminders for individual
and business taxpayers that will impact the 2014 returns prepared
during tax season 2015.
- Maryland began processing 2014 individual income tax returns on January 20th. 2014 business returns processing began on January 9th.
- Certain tax credits may only be claimed on electronically filed forms:
- Businesses and individuals must claim business income tax credits by electronically filing Form 500CR or 502CR.
- Form 500 or 510 must be filed electronically to claim a Sustainable Communities Tax Credit from Form 502S.
- There are new tax credits for business taxpayers including credits for qualified vehicles (Class F tractors) and cyber-security investments.
- The maximum pension exclusion for qualified taxpayers has increased to $29,000 for 2014.
- For tax year 2014, Maryland is no longer decoupled from the federal itemized deduction limitation threshold.
- There are new subtraction modifications available for tax year 2014 including:
- Up to $1,500 of approved un-reimbursed expenses that a foster parent incurs for a foster child.
- The amount of student loan indebtedness discharged due to total and permanent disability or death.
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