Don’t Miss Out on this New Maryland Tax Credit

Don’t Miss Out on this New Maryland Tax Credit

The state of Maryland has a habit of passing tax credits that are so complicated to administer that they literally are not worth claiming for many taxpayers. These credits not only require you to apply to be certified as eligible for the credit, but you have to amend your income tax return in order to take the credit. This is because the state only determines the amount of credit you can actually receive after the tax returns from all taxpayers claiming the credit have been received. Fortunately, in the most recent legislative session, Maryland lawmakers passed a new credit which you can take the first time you file your tax return for 2014.

In order to determine if you are eligible for this credit, all you need to do is check the registration card of the vehicles owned by you or your company. The credit is for “Class F” vehicles which are commercial or farm vehicles used for pulling a trailer. The credit will be $400 per eligible vehicle, but is limited to the amount of your Maryland income tax for the year. If your company owns several large vehicles then now is the time to take a look at the registration cards and put a copy of their registrations in your tax file if the box for “class” has an “F”.

If you have any questions regarding this or any other Maryland income tax credit please contact your MKS&H tax advisor.

_________________________________________________________________________

Tim Stolz

 

Article Provided By Tim Stolz, CPA, MKS&H Senior Tax Accountant

About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by advising them regarding their financial, technology and human capital management needs. Please visit www.MKSH.com for more information.

 

 

 

 

 

About Author

MKS&H

MKS&H is committed to providing personalized tax and accounting services while developing a deep understanding of you, your culture, and your business goals. Our full view of financial systems and the people behind them allow us create and evolve the best solution that will help you and your business thrive. The accounting experts and consulting professionals at MKS&H work together to help you achieve the financial results you want.

Related posts

The Tax Implications of Remote Work

Working remotely is becoming an increasingly popular option for people who want to have more control over their work-life balance. But there are a few things you should know about the tax implications of working from home before making the switch. Remote Work and Taxes When it comes to...

Read More