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'It's the Most Wonderful Time of the Year'
1/19/2012
With the tax filing deadline less than three months away, Comptroller Peter Franchot announced important changes and new customer service initiatives for this year’s filing season. Many of this year’s changes are part of the Comptroller’s initiative to go green, saving our state’s natural resources and tax dollars.
“I’m proud of my agency for the money and resource saving initiatives implemented this tax season,” said Comptroller Franchot. “The Comptroller’s Office is becoming more efficient and saving the taxpayers’ hard-earned money in the process.”
Some of the benefits and changes for this tax season are as follows:
·Filing Deadline - Due to the celebration of Emancipation Day in the
·Electronic filing mandate for tax preparers - Paid tax professionals who prepared 100 or more qualified state income tax returns for tax year 2010 (filed in 2011) are required to file all original individual income tax returns electronically for tax year 2011 (filed in 2012). Each electronically filed return saves the state nearly $2 in processing costs.
·Tax Booklets - Tax booklets will not be mailed in 2013. Next year, taxpayers may file electronically or print the tax booklet and forms from the agency’s Website or contact the nearest branch office for assistance. This change will save the state nearly $250,000.
·Libraries and Post Offices – The Comptroller’s Office will no longer supply area post offices and libraries with tax booklets. Each library will receive a CD Rom of all of our forms if requested.
·Splitting a direct deposit – Taxpayers can now have a tax refund deposited into multiple bank accounts by using Form 588.
·Earned Income Credit Notification – In an effort to ensure all eligible Marylanders claim the credit, starting in 2012 the Comptroller must publish the maximum income eligibility for the State Earned Income Credit, (EIC) on or before January 1 of each year. The Comptroller will also notify the employers of such information, and the employers must notify each employee who may be eligible.
·New Dependent Form 502B - Form 502B will be a required form to be attached to Form 502 to determine what exemption you are entitled to claim. Taxpayers claiming more than two exemptions must use Form 502.
·Increased pension exclusion -
·Nonresident Form 505SU - This year, other certain subtractions for which taxpayers may qualify will be reported on Form 505SU. If multiple subtractions apply, taxpayers should be sure to indicate all of them on Form 505SU and attach it to the Form 505.
·Form 502SU - This year, other certain subtractions for which taxpayers may qualify will be reported on Form 502SU. If multiple subtractions apply, taxpayers should be sure to indicate all of them on Form 502SU and attach it to the Form 502.
·Electronic 1099-G - This year, at the bottom of the return in the signature area, the agency has provided a checkbox for taxpayers to indicate that a statement of refund can be sent electronically. Beginning in early 2012, electronic Form 1099-G may be downloaded and printed from our secure Website. Taxpayers can also request to receive a paper 1099-G at this Website.
·Local Tax Rate Increase - For tax year 2012,
“While tax-filing season can be a frustrating time for many people, my office has tried and will continue to work toward making this process as painless as possible,” said Comptroller Franchot. “I urge all taxpayers to file their tax returns electronically because it not only guarantees a 72-business hour refund, but it also saves the State nearly $2 in processing costs. Additionally, we have people on staff to assist you in completing your tax return for free at each of our 11 branch offices located throughout the State,”
For more information, please visit http://individuals.marylandtaxes.com/incometax/taxseason.asp or call 1-800-MD-TAXES.
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