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2023 Standard Deduction Taxpayers who are at least 65 years old or blind can claim an additional standard deduction of $1,500 is allowed for 2023 ($1,850 if youre claiming the single or head of household filing status).
The standard deduction increased slightly After an inflation adjustment, the 2022 standard deduction increases to $12,950 for single filers and married couples filing separately and to $19,400 for single heads of household, who are generally unmarried with one or more dependents.
Senate Bill 0093, Acts of 2022: This bill increases the tax credit available to employers for wages paid to qualified employees with a disability and childcare provided or paid for by a business entity for the children of a qualified employee with a disability.
For example, on your 2022 federal income tax return: if you earned income from a job, you can claim up to $1,287. if you are over the age of 65, you can claim up to $7,898. if you have children, you can claim $2,350 for each child under the age of 18. if you receive a pension, you can claim up to $2,000.
Be at least 65 years of age. Use the home as their Principal Residence.
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Income Tax Brackets Single FilersMaryland Taxable IncomeRate$3,000 - $100,0004.75%$100,000 - $125,0005.00%$125,000 - $150,0005.25%5 more rows Jan 30, 2023
Starting in tax year 2022, residents who are at least 65 on the last day of the tax year may be eligible for a nonrefundable tax credit of up to $1,000. This was a piece of legislation that AARP Maryland sponsored and helped pass in the 2022 legislative session.
The employee/employer contribution rate was increased to 5.95%, and the maximum contribution for 2023 is $3,754.45. EI contributions and maximum insurable earnings: The maximum annual insurable earnings limit was increased to $61,500 and the contribution rate was increased to 1.63%.
If you purchased a qualifying home for the first time in 2022, its important to note that the first-time home buyers tax credit has increased to $10,000 for a qualifying home purchased after December 31, 2021, double the amount of previous years.
Some tax credits return to 2019 levels. For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022. The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

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