The Supreme Court is gearing up to hear arguments in the
much talked about Maryland v. Wayne case. The case all has to do with Maryland’s
tax laws, which allow residents to deduct income taxes they’ve paid in other
states on their income tax forms. However, the deduction cannot be applied to
income tax collected by various counties and municipalities in the state.
The Maryland Court of Appeals found it
unconstitutional for the state to provide credit for state income tax but not
for county income tax. Now, it’s up to the Supreme Court as to whether or not
it wishes to uphold that ruling.
Experts are speculating that, if the ruling is
upheld, tax laws around the country could change, with more states being forced
to follow in Maryland’s forced footsteps.
Cases like this one just go to show that tax
laws are always changing. You can be prepared for whatever changes are thrown
your way by having an in-the-know tax advisor
to count on. You can find a trustworthy Naperville tax advisor through Susan S.
Lewis, Ltd.
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