Each year, most of us file a federal income tax return and a Maryland income tax return. Some different rules and statutes determine how much money we owe to the Federal government and the Maryland government.
Tag: Estate Tax
Maryland Updates its State Estate Tax
For years, Maryland has imposed a state-specific estate tax on assets transferred from a recently deceased person to anyone other than his or her spouse. In 2017, the tax was assessed on assets with a total value greater than $3,000,000. For deaths in 2018, the tax is assessed on assets greater than $4,000,000. During the 2018 legislative session, the Maryland…