Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
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Each LLC in Maryland must pay a $300 tax (or more, if they have assets) annually. This is a required tax
It is in addition to your income tax.
You can still operate your business in "not in good standing", but you want to hurry up and pay the $300 tax because if you don't, your LLC status can be forefeited, which means your business won't exist any more.
It's not a big deal to rectify this...just pay the annual tax.
Hi, Megan thank you for your prompt response. But I am not understanding the booklet what is that intended for why they ask about my furniture and equipment and all that?
That booklet is for your information. They want to know about your assets because you pay a tax on the personal property that your business has
How much of property is exempt of taxes. I only have few office supplies like a desk, phone, paper etc
The exemptions from the taxes is lined out on page 8 of the brochure.
one more question, this is about sales tax. My business is advertisement I create a magazine, most is service i get a contract and people pay me to put the publicity in the magazine and then i mail these magazine for free display, but the maganize have a cover price of 5 dollars. there are few occasion when I sale these magazines. My question is : When am i required to collect sale taxes? and where do I remit/sent those taxes?
You have to collect sales tax when you sell the magazines, but not when you sell your services. Everything you need to know about sales & use tax can be found, HERE
Thank you so much
You're welcome. Is there anything else you need assistance with? If not, please rate my response as "excellent" so that I may receive credit for assisting you today.
yes, I have sell the mazagines in va and dc as well, where do i collect sale tax?
You collect sales tax where you sell the magazines. If you sell them and mail them, you would not have to collect DC or VA taxes