IRS & Md. Comptroller’s Office will begin accepting returns on Monday.
Annapolis, Md (KM) It’s that time of year again: tax time. Beginning on Monday, January 23rd, the IRS and the Maryland Comptroller’s Office begins accepting tax returns. “And over two-million Marylanders are owed $2.5-billion in tax refunds. I’m holding that for them. A lot of that is returned in the first 30 days of the tax season,” says Comptroller Peter Franchot.
A lot of taxpayers will be using professional preparers to do their taxes. Franchot says look carefully at their credentials before you let them prepare you tax returns. “If you used paid tax preparer like H&R Block or someone like that, just sure they’ve got their licenses and they’re all on the level,” he says.
There are some tax preparers who promise customers a bigger refund than they’re entitled to without seeing their W-2 forms and other documents. “Anyone that’s making claims about ‘we can get more refund than the next tax preparer,’ avoid them please,” says Franchot.
If the IRS and the Comptroller’s Office are a little slow in sending you your refund, some tax preparers are offering refund anticipation loans. The practice is legal, but many have said it’s a ripoff because you’re paying interest on money that’s already yours to begin with. “It’s a scandal. They have enormously high fees associated with them, high interest rates. Avoid them like the plague,” says Fracnchot.
Taxpayers are encouraged to file their returns electronically. A list of approved vendors for filing an electronic return can be found at www.marylandtaxes.com.
If you’re doing your taxes yourself and you have questions, you can call 1-800-MD-TAXES (1-800-638-2937). You can also go to www.marylandtaxes.cm.
The dealine to file your return is Tuesday, April 18th.
By Kevin McManus