Deadline to file, pay individual MD income tax gets extended
MARYLAND – Immediate relief may be coming your way if you owe the State of Maryland money.
“I unilaterally extended the tax deadline from April 15 to July 15, we’ve done this the last two years we are the only state in the union that’s doing it like this,” Comptroller Peter Franchot said.
Wednesday, Comptroller Peter Franchot made the announcement extending the filing and payment deadline for 2021 Maryland state individual income taxes, with the hopes to take some pressure off Marylanders’ wallets.
“We reported a six billion dollar surplus a month ago, but that’s mostly for the top two-thirds of the economy, the bottom one third continue to be very pummeled is the way to describe it,” Comptroller Franchot said.
Comptroller Franchot said he loves this extension solution because it’s flexible and knows taxpayers made use of this in the past.
“What generally happens is about 600,000 Maryland taxpayers a year take advantage of this for the last two years,” Comptroller Franchot said.
This 90-day penalty and interest-free extension is a change Mark Welsh, a local CPA, said he’s not surprised about and will recommend to people he helps.
“My clients who owe money would see this as relief and would definitely take advantage of it most of those clients who owe money definitely took advantage of it over the past two years,” Mark Welsh, CPA with TGM and a partner with UHY, said.
Especially, because those clients can spend that money in their pockets on other expenses.
“They could use that to pay for groceries, for their rent payment, for their house payment for their car payment, and I think that’s what Maryland intended here,” Welsh said.
When it comes to filing your federal return, that deadline is still April 18th. Welsh said he wouldn’t be surprised if this date gets extended as well.
Marylanders do not need to request an extension to receive the 3-month grace period. Taxpayers who expect to receive a refund should file their return as soon as possible and not wait until July 15th.