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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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I have a business that I registered in Md under a DOMESTIC

Resolved Question:

I have a business that I registered in Md under a DOMESTIC LLC, using a fictitious Name.( not my name) I filed my taxes as SOLOPROPIERTOR SCHEDULE C, but I receive from Md a booklet called a Personal Property Return and I must pay a fee of $300 dollars. I have not assets what is this booklet for and why needs to be filed in addition to my efiled Md return?
It is because I am using a ficticiuos name? since I have not paid the certicate of status is not in good standing. would that mean I can not operate my business is there a penalty. Please help
Submitted: 9 months ago.
Category: Tax
Expert:  Megan C replied 9 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

Each LLC in Maryland must pay a $300 tax (or more, if they have assets) annually. This is a required tax

Megan C :

It is in addition to your income tax.

Megan C :

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.

Megan C :

It's not a big deal to rectify this...just pay the annual tax.

Customer:

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?

Megan C :

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

Customer:

How much of property is exempt of taxes. I only have few office supplies like a desk, phone, paper etc

Megan C :

The exemptions from the taxes is lined out on page 8 of the brochure.

Customer:

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?

Megan C :

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

Customer:

Thank you so much

Megan C :

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.

Customer:

yes, I have sell the mazagines in va and dc as well, where do i collect sale tax?

Megan C :

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

Customer:

Thank you.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you

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