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Did you know business owners can get coverage through the Maryland Health Exchange, just not the way you would normally think. |
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Link to this post: ramlcpa.link/0201a There is Still Time to Get Health Insurance. Open Enrollment Extended in Maryland through February 28!
Over 181,000 Maryland residents have enrolled so far for health insurance through marylandhealthconnection.gov for 2022, an 9.4% increase over 2021. Between November 1st and January 15th, new health insurance enrollments totaled 39,181 – up by 48%. Over 141,000 people who had insurance through the state exchange renewed their plans for 2022. Maryland residents can also get dental coverage through Maryland Health Connection. Dental enrollments grew 29% from 51,505 in 2021 to 66,634 for 2022. The rise in enrollments is not by accident though, as Maryland launched a reinsurance program back in 2018 that has helped create some of the most affordable plans in the nation. According to a Kaiser Family Foundation, Maryland on average has the least expensive Individual gold and bronze plans and the third lowest cost silver plans in the nation. There will be additional enrollment opportunities this year, including the Easy Enrollment program, which allows uninsured people who file their state income taxes to sign up for insurance through an online application. Additional information on the Easy Enrollment program can be found by visiting marylandhealthconnection.gov/easyenrollment Maryland is also launching a similar program later this year for those filing for Unemployment Insurance and checks a box feature indicating that they need coverage. Key Statistics and important demographic trends. 
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The Working Marylanders Tax Relief Act of 2022 will be the largest Tax Relief Package In State History (if it becomes law). Some of the key provisions include:
Currently, this is a proposed legislation and not yet law so specifics are limited. However, all but the SDAT savings & retirement tax relief are added benefits to existing programs that were enacted in response to the pandemic. Thus the rules, benefits, and limits of these programs are expected to be similar. Link to Blog Post: ramlcpa.link/01-12a The Retirement Tax Reduction ActThe Retirement Tax Reduction Act eliminates 100% of state retirement tax in Maryland. Tax relief will be phased-in starting in 2022. The Working Marylanders' Tax Relief ActPermanent tax relief for working families. The Working Marylanders' Tax Relief Act will make the enhanced earned income tax credits (EITC) permanent and provide another $650 million in tax relief for working families.
Small Business Tax ReliefSmall Business Fee Relief. The governor will also propose legislation to eliminate the filing fees for businesses that submit their annual report (SDAT), including the $300 annual filing fee for companies, LLCs, and other legal entities. This would make Maryland the first state to provide a zero-fee option for all businesses. The More Jobs for Marylanders Act 3.0Expansion of Manufacturing Incentives. The More Jobs for Marylanders Act 3.0 extends the program an additional five years, through 2027 and provides tax incentives to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs and to non-manufacturers that locate or expand in Maryland Opportunity Zones. Project Restore ActLong-Term Economic Development. The Project Restore Act makes permanent initiatives, which provide financial assistance for small businesses and commercial developers to revitalize vacant retail and commercial space. Maryland Tax Resources
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Link to This Article: ramlcpa.link/22-1c2 The IRS has provided a number of tips on three (3) key areas of this seasons tax flings. We've summarized these and please review them before filing your taxes. These areas include Charitable Contributions, Advance Child Tax Credit Payments, and Economic Impact Payments and claiming the Recovery Rebate Credit.
Changes to the charitable contribution deductionTaxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers for cash contributions made in 2021 to qualifying organizations. Check on advance child tax credit paymentsFamilies that received advance payments will need to compare the advance child tax credit payments that they received in 2021 with the amount of the child tax credit they can properly claim on their 2021 tax return: Taxpayers who received less than the amount for which they're eligible will claim a credit for the remaining amount of child tax credit on their 2021 tax return. Eligible families that did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the child tax credit when they file a 2021 federal income tax return next year. This includes families that don't normally need to file a return. In January 2022, the IRS will send Letter 6419 showing the total amount of advance child tax credit payments taxpayers received in 2021. People should keep this and any other IRS letters about advance child tax credit payments with their tax records to share with their preparers. Individuals can also create or log in to an IRS.gov online account to securely access their child tax credit payment amounts. Economic impact payments
Individuals who didn't qualify for the third economic impact payment or did not receive the full amount may be eligible for the recovery rebate credit based on their 2021 tax information. They'll need to file a 2021 tax return, even if they don't usually file, to claim the credit. Individuals will need the amount of their third economic impact payment and any plus-up payments received to calculate their correct 2021 recovery rebate credit amount when they file their tax return. In early 2022, the IRS will send Letter 6475, which contains the total amount of the third economic impact payment and any plus-up payments received. People should keep this and any other IRS letters about their stimulus payments with other tax records. Individuals can also create or log in to an IRS.gov online account to securely access their economic impact payment amounts. There's a good chance you have other issues you should address to minimize any problems or hassle as the filing date approaches. Reach out to a qualified tax preparer to keep yourself on track. Click To Add TextClick To Add TextClick To Add TextClick To Add TextClick To Add TextTags:
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Travis Raml, CPA
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