Research the tax law for Maryland state, and prepare a brief letter to Mrs. Parsons (Mr. Parsons’ spouse) in which you explain the tax consequences of relocating their family. Be sure to discuss the following; Where Mrs. Parsons can find information pertaining to the state tax laws? What specific information should she look for? How Mr. Parsons’ Schedule K will be managed as part of their personal tax filing for the year (assume this is the family’s only income). Could relocating to a specific county, city, or town in that state reduce their tax liability? Allowable deductions and exemptions and how these affect computations. Available tax credits and how these affect computations.

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Moving to a different state to be near a family for a brand new job or the other reason could be a big decision and it can impact your liabilities no ... View the full answer