What deductions and credits are available to Maryland taxpayers?
Maryland taxpayers are eligible for various deductions and credits to reduce their tax liabilities. Some common deductions include the standard deduction, itemized deductions for expenses like mortgage interest, charitable contributions, and medical expenses. Taxpayers may also claim the Maryland Earned Income Tax Credit (EITC), allowing a refundable credit for lower-income individuals and families. Other credits include the Child and Dependent Care Tax Credit, allowing eligible expenses for dependent care, and the Student Loan Debt Relief Tax Credit, providing a credit for payments made on student loans. Additionally, there is the Homeowner's Property Tax Credit, aiding homeowners with a limited income to offset property tax expenses. Various other credits and deductions exist, and taxpayers are encouraged to consult the specific guidelines and requirements provided by the Comptroller of Maryland.
Answered May 3, 2024
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