Individuals – If you itemize your deductions for federal taxes you must also itemize deductions for Maryland taxes. If you choose to instead to take the standard deduction for federal you must also take the standard deduction for Maryland. You should compare your total taxes both ways so that you pay the least amount of federal and Maryland taxes combined.
Businesses – The new QBID deduction for small businesses is truly the best thing since sliced bread. It is possible for many small businesses to take a deduction for 20 percent of the profit of the business.