Maryland Tax

Maryland Tax Information

Maryland Tax policy priorities and their effects on low- and moderate- income families, Maryland vulnerable populations, and important Maryland community programs that serve them. This Tax project translates the complex world of Maryland state fiscal policy into accessible, credible and timely information that is used by Tax policy makers, Maryland community advocates, and the media.
For tax year 2007, the Maryland income Tax rate is set at 4.75 percent and it applies to the taxable income of residents and nonresidents who derive income from a Maryland source.

Maryland Tax - Nonresidents are subject to a special nonresident Tax Rate of 1.25 percent, in addition to the 4.75 percent tax rate, for an effective tax rate of 6 percent in Maryland
Maryland's 23 counties and Baltimore City also Tax local income tax, which is collected on the resident Maryland state tax return as a convenience to local governments.

Maryland Tax
There are special tax benefits available in Maryland for taxpayers 65 and older, military retirees, U.S. government employees in Maryland who work overseas and low income families. You can also choose among several methods to file and pay your Maryland taxes electronically. The deadline for filing your Maryland income tax is April 15, 2008 if you are filing on a calendar year basis. If any due date falls on a Saturday, Sunday or legal holiday, the return must be filed by the next business day. You may also request a filing extension.
In the past few months, Maryland’s Tax budget picture has gone from bad to worse. The challenge the Governor and legislature face now is completely different Maryland Tax from what we envisioned when the legislature approved this year’s budget back in April.

This year, we were supposed to start with over $500 million tax in the Treasury for Maryland Tax. Most of this surplus was available because of the Maryland Governor and legislature met in special session last year to approve new revenues that began last January. We planned to get through the current fiscal year with a $236 million tax surplus, that we would carry over into next year. Even in April, a $234 million Tax shortfall was Maryland projected for fiscal year 2010. The Maryland Governor knew he would be making further adjustments to the tax budget to close this gap.
Maryland Tax, Maryland Audit, Employee Benefit Plans, Maryland Accounting Summer Audit is a full service accounting firm providing Maryland Tax, Employee Benefit Plans, Maryland Accounting, and consulting services to small and closely held businesses in Maryland, Summer Audits is full service certified public accounting firm of highly trained and experienced professionals working with Maryland Tax and management consulting services.


www.summeraudits.com
Metro Metro & Associates
3311 Olney Sandy Spring Road - Olney,
MD 20832