As of July 1, 2017, the minimum wage in Maryland for most workers is $9.25 an hour, while the federally-mandated minimum wage remains at $7.25 an hour. For tipped employees, the Maryland minimum cash-wage is $3.63 an hour. On July 1, 2018, Maryland’s minimum wage will increase to $10.10 an hour.
A new, refundable income tax credit is available for Maryland small businesses that¬†have 14 or fewer employees. The business must employ at least one ‚Äúqualified employee‚ÄĚ to claim the credit.
The credit is available for the 2018 tax year and beyond.
To be considered a ‚Äúqualified employee,‚ÄĚ an individual must:
be employed by the small business;
earn wages that are no more than 250% of the federal poverty guidelines for a single-person household; and
earn paid sick and safe leave under Maryland law.
Amount of Credit
This special edition Q2 2018 Tax Letter is full of investing¬†and planning strategies¬†that can help you with ongoing financial management and tax planning. ¬†It contains information on:
Tax Planning under the Tax Cut and Jobs Act of 2017
Patience is prudent
Know your true tax rate
Rethinking retirement contributions
Regard Roth conversions carefully
Are state and local taxes reasons for relocation?
Positive prognosis for medical deductions
Home equity hassle
New tax deduction for pass-through entities
CPA Client Tax Letter¬†Q2 2018 from TRS CPA Group CPA¬†
Click to Read […]
We are happy to share important updates and information provided by the State of Maryland Department of Labor, Licensing, and Regulation (DLLR) about the new Maryland Sick and Safe Leave.
Maryland Sick and Safe Leave Initial Guidance
This article is for MD employers and employees and lays out some initial guidance regarding the new HB1. This outlines what you need to know about this new legislation. It also provides a dedicated email address to which any questions or comments should be directed.
Download and/or Print the full PDF below¬†¬†
Click to Download