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Important Considerations for 2014 Maryland Taxpayers

The April 15 deadline is fast approaching for Maryland taxpayers, who can expect some new changes to the 2015 tax filing season. If you need assistance with your 2014 returns or professional tax audit help, Rosenberg Martin Greenberg can help ensure you stay in compliance with IRS requirements and avoid costly penalties down the road.

In the event litigation is necessary, our seasoned Maryland tax attorneys have successfully represented clients in U.S. district courts as well as appellate and circuit courts throughout Baltimore, Annapolis and the greater D.C. metro region.

Maryland Comptroller Peter Franchot recently announced that the state will start processing personal income returns for tax year 2014 on January 20, 2015. The Internal Revenue Service also begins accepting and processing returns on this date. Business tax returns will be accepted and processed as of January 9.

2015 Maryland taxpayer changes for individual filers

Taxpayers everywhere are encouraged to file their returns well before the IRS deadline of April 15. For the quickest turnaround on returns, electronic filings are recommended. The Maryland Comptroller’s office has announced some important changes for individual filers this year, which must be taken into consideration.

Changes for individual taxpayers:

  • iFile will no longer process nonresident tax returns.
  • Short Form 503, the Maryland Resident Return, has been discontinued. Taxpayers can now use the Maryland Resident Return, or Form 502.
  • Federal itemized deductions based on your income level are limited starting in 2014. Taxpayers may adjust their local and state tax deductions if their federal itemized deductions are limited.
  • Maryland residents reporting in excess of $3,350 in investment income on their federal returns must check the box on line 1e of Form 502.
  • Taxpayers must report on Form 502 the amount of capital gains or losses reported as income on federal Form 1040.
  • Maryland residents reporting any IRA, annuity or taxable pension as income on their federal income tax return must list this amount on Form 502.
  • The “Developmental Disabilities Waiting List Equity Fund” is now known as the “Developmental Disabilities Services and Support Fund” on the Maryland Resident Return Form 502.
  • Three new subtraction modifications are now available for taxpayers, as noted on Maryland Resident Subtractions Form 502SU.
  • The Comptroller has stopped placing Attachment Sequence Numbers on paper resident tax returns.
  • Form 502CR has been streamlined. Those who are qualified as a Health Enterprise Zone (HEZ) Practitioner may now claim credit against their state tax liability for income gained as an HEZ practitioner. To claim this credit, an amended tax return must be filed electronically.

Also of importance is an increase in Maryland’s pension exclusion, which has been raised from $27,800 to $29,000, beginning in tax year 2014. This exclusion applies to residents who are at least 65 or older, suffer permanent disabilities, or have a spouse who is permanently disabled.

Professional assistance from Maryland tax attorneys

An experienced tax lawyer’s advice is especially advantageous for individuals or couples planning an estate, facing a Maryland tax auditor those who are under investigation for potential tax fraud. Companies who need assistance with tax treatment and matters regarding tax implications will also benefit from professional guidance provided by Rosenberg Martin Greenberg attorneys.

When it comes to state and federal taxes, you can never be too careful – don’t face the 2015 tax filing season alone. To schedule a consultation at Rosenberg Martin Greenberg, please call 410.649.4981, or email Brian Crepeau at bcrepeau@rosenbergmartin.com.

Rosenberg Martin Greenberg

25 South Charles Street, 21st Floor MD 21201
Phone: 410-727-6600
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Rosenberg Martin Greenberg

705 Melvin Avenue Annapolis, MD 21401
Phone: 410-727-6600
Map & Directions