Welcome to Financial Planning Tips
Financial Planning Article
Maryland Taxes Deserve Some Credit
from:As one of the oldest states in the Union, Maryland also enjoys the honor of being one of the wealthiest. Maryland taxes are known to consist of four income tax brackets that start at 2% and go on up to 4.75%. As one of the last states to do so, Maryland also levies what is called a piggyback tax at local levels. These rates start at 1.25% and go on up to 3.2%. These revenues help support a state where commerce plays a large part of the economy. Among other things, Maryland taxes help keep their busy ports clean and functional to further promote the commerce that keeps the state running.
The sales tax is held at 5% and, interestingly, Maryland taxes property at no specified rate. Instead, the rates are adjusted to help provide the necessary revenues from one city or county to another. The adjustments are made annually and disclosed via public announcement where the new tax rates can be discussed. Taxes are assessed on both land and land improvements. The market value of a property is appraised and then taxed on its assessed value. Expanding businesses can receive credits on improvements for their properties. Those properties owned or used by churches or other non-profit organizations are exempt from Maryland taxes.
As it is with many states, Maryland taxes are constructed to give businesses a break. When businesses opt to establish themselves in Enterprise Zones, they not only improve the value of commercial properties they also receive tax credits that can last up to ten years altogether. Enterprise Zones are those that are considered economically distressed. This, combined with land tax credits, can take a very large burden off of developing companies. Businesses can also get a credit on their Maryland taxes by creating jobs or by specializing in such fields as biotechnology or research and development. Minority and women owned businesses also receive great incentives.
In comparison to other states, Maryland taxes can seem quite high; however, the state plays home to many who work in the nation's capitol. Though small, the state is notably diverse and highly progressive in a number of ways. Aside from the state taxes, most taxes are imposed at the city and county level. By adjusting their own tax rates, no county or city will be left in need by a one size fits all tax rate. This means that schools, parks and other programs funded by local tax revenues can stay well funded. Offering tax credits to companies helps to make it a center for a number of businesses.
Financial Planning News
Financial planning seminar
The financial planning seminar will look at the dollar and cents of financial plans from a legal and tax perspective and give an overall view to help you create and work on your own strategies. The seminar is at 4 p.m. Wednesday,Sept. 15, at the Donald W. Reynolds Community Non-Profit Center.
Read more...Investment Planning Counsel to acquire Partners In Planning
Investment Planning Counsel Inc. and Partners in Planning Financial Group Ltd. today announced that IPC will purchase the shares of Partners In Planning.
Read more...SI Financial plans stock offering for majority stake
SI Financial Group Inc. is planning a “conversion and reorganization” that includes a stock offering for 61.9 percent of the banking company.
Read more...Business North - The Daily Briefing - Business Newspaper Online Financial planning lab becomes a reality
UMD financial planning students now have access to a real-world office and technology thanks to a public-private partnership at the Technology Village.
Read more...John Hancock Financial Network to Expand Retirement Planning Platform
John Hancock Financial Network has launched an effort to expand growth through its retirement planning platform and has hired industry veteran Bruce Harrington to lead the effort. Harrington will be based in Boston and report to Christopher Maryanopolis, president, Signator Investors, Inc, JHFN's broker dealer.
Read more...