Drowning in tax forms and deadlines? There’s one more you need to be sure to get in by April 15: your Business Personal Property Tax Return. In Maryland there is a tax on business-owned personal property which is imposed and collected by the local government. With less than a month until the deadline, don’t forget to complete this form and itemize your business’ personal property which generally includes:
- Office & Industrial Equipment
- Tools & Supplies
- Any other property not classified as real property
Business personal property tax returns are required to be filed for almost all business types. If you are required to file a business personal property tax return you should have received a form in the mail in late January. Failing to file a business personal property tax return causes a business to be “Not in Good Standing” or “Forfeited” with the State Department of Assessments and Taxation (SDAT), will eventually limit your ability to conduct business and can be extremely expensive to correct.
To avoid any penalties, file your business personal property tax return prior to April 15, 2014 and pay the required $300 annual filing fee. If you are unable to file on time and need help, you may request a two month extension to file the return.
For more information on how to file a business personal property tax return, request an extension or see a list of exemptions, please visit the State Department of Assessments and Taxation’s website or refer to the Instructions for 2013 Form 1 Personal Property Return general information and requirements document.
As always, if you have any questions or would like help, call, email, Facebook message or Tweet at us today and we can assist you in filing your 2013 business personal property tax return prior to the April 15 deadline.