As a Maryland resident, it’s crucial to stay on top of various tax deadlines and important dates throughout the year. Missing these key dates can result in penalties, interest charges, and unnecessary stress. In this blog post, we’ll cover all the essential tax dates that Maryland taxpayers should have on their radar.

Filing Deadlines

Individual Income Tax Returns

• April 18, 2023: This is the deadline for filing your 2022 individual income tax returns (federal and state) and paying any remaining tax balances due. If you need more time to file your return, you can request an extension, but keep in mind that this only extends the filing deadline, not the payment deadline.

Business and Other Tax Returns

• March 15, 2023: Deadline for partnerships, S corporations, and limited liability companies (LLCs) to file their 2022 tax returns.
• April 18, 2023: Deadline for corporations (C corporations) to file their 2022 tax returns and pay any remaining balances due.
• April 18, 2023: Deadline for sole proprietors and single-member LLCs to file their 2022 tax returns and pay any remaining balances due.

Estimated Tax Payment Dates

If you’re self-employed, a business owner, or have income from sources that don’t withhold taxes, you may need to make estimated tax payments throughout the year. Here are the due dates for estimated tax payments in Maryland:

• April 18, 2023: First estimated tax payment due for the 2023 tax year.
• June 15, 2023: Second estimated tax payment due.
• September 15, 2023: Third estimated tax payment due.
• January 16, 2024: Fourth estimated tax payment due.

Failing to make estimated tax payments or underpaying can result in penalties and interest charges, so it’s essential to stay on top of these due dates.

Tax Credits and Deductions

Maryland offers various tax credits and deductions that can help reduce your tax liability. However, many of these have specific deadlines and requirements. Here are a few important dates to keep in mind:

Earned Income Tax Credit (EITC)

The EITC is a valuable tax credit for low- to moderate-income earners. To claim the EITC, you’ll need to file your tax return by the regular filing deadline (typically April 18th).

Maryland Renters’ Tax Credit

• September 1, 2023: The deadline to submit your application for the Maryland Renters’ Tax Credit for the 2023 tax year. This credit provides relief for renters who meet certain income requirements.

Maryland Homeowners’ Tax Credit

• September 1, 2023: The deadline to submit your application for the Maryland Homeowners’ Tax Credit for the 2023 tax year. This credit helps eligible homeowners by limiting the amount of property tax they must pay based on their income.

Tax Amnesty Programs

Occasionally, Maryland offers tax amnesty programs, which allow delinquent taxpayers to pay back taxes without penalties and interest. These programs typically have strict deadlines, so it’s crucial to be aware of them if you have outstanding tax liabilities. The next tax amnesty program is expected to run from September 1, 2023, to October 31, 2023.

Stay Organized and Avoid Penalties

Missing important tax deadlines can result in costly penalties and interest charges, not to mention added stress and hassle. To stay on top of these dates, consider the following tips:

• Mark all relevant dates on your calendar and set reminders.
• Keep detailed records of your income, expenses, and tax payments throughout the year.
• File your returns and make payments well before the deadlines to avoid last-minute rushes or potential delays.

Don’t Go It Alone – Get Five Tax Services Today!

Navigating the maze of tax deadlines and requirements can be overwhelming, especially if you’re juggling multiple income sources or running a business. That’s where Five Tax Services comes in – our team of experienced tax professionals is here to help you stay organized and compliant.

From tax planning and preparation to representation and guidance on credits and deductions, we offer a comprehensive range of services tailored to your needs. Trust us to handle the complexities of your taxes, so you can focus on what matters most.

Embrace Tax Preparedness for a Stress-Free Experience

Staying on top of important tax dates is crucial for Maryland taxpayers to avoid penalties, maximize their savings, and maintain peace of mind. By keeping a close eye on filing deadlines, estimated tax payment dates, credit and deduction deadlines, and any potential tax amnesty programs, you can ensure you’re always in compliance with the law.

Remember, proper tax planning and organization are ongoing processes, not just something to worry about during tax season. By staying proactive and informed throughout the year, you’ll be better prepared to navigate the complexities of tax laws and regulations, ultimately leading to a smoother and less stressful tax filing experience.

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