The IRS created the new Form 7202 to allow self employed individuals claim the tax credits similar to the credits allowed to employers with employees out on emergency sick leave. The tax credits were created under the Families First Coronavirus Response Act passed early in the pandemic to help those unable to work (or telework) …
MD RELIEF Act Passed
On February 15, 2021, Governor Hogan signed the RELIEF Act into law. This law provides multiple Covid relief. Some highlights: If you qualify for the Maryland Earned Income Tax Credit (EITC), a payment will be issued by the Comptroller’s office for $300 for individuals and $500 for families. The EITC is also enhanced for another …
Maryland Due Dates
Maryland has not changed its due date for tax returns as of now. They remain April 15 for individuals, partnerships, and corporations. Comptroller Peter Franchot has extended the due date for the payments required between January 1 to April 14 to April 15. This means you may hold onto your taxes longer with no penalties. …
IRS Delays Tax Filing Season
The IRS announced that they will not be accepting e-filed 1040 tax returns until Friday February 12, 2021. This is late even for the IRS. The IRS needs time to implement changes to their systems to incorporate the tax law changes from the latest stimulus law signed by President Trump on December 27, 2020. This …
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