03/15/2021
The IRS and Maryland have made changes that may affect many of you recently. If you had unemployment benefits last year, Federal and Maryland have decided to change the tax law in the middle of tax season.
Right now Federal will not be taxing the first $10,200 of unemployment benefits. Maryland is also changing unemployment taxable benefits but I don't have a number for them yet.
There will be software updates coming in the next couple of weeks so if you received unemployment, wait to have your taxes completed so you do not have to amend your taxes. Any amended taxes could take up to 3 months to process and will delay your additional refund.
I will be posting additional tax changes as they happen.