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A little-known tax benefit that all small business owners should know about

A little-known tax benefit that all small business owners should know about

The Internal Revenue Code (IRC) allows businesses to deduct all ordinary and necessary expenses incurred in connection with operating their trade or business. This includes the costs for certain materials, supplies, repairs, and maintenance.

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Small businesses with less than $20,000 in assets are now exempt from MD personal property tax

Small businesses with less than $20,000 in assets are now exempt from MD personal property tax

On July 11, 2022, the Maryland State Department of Assessments & Taxation (SDAT) announced that Maryland businesses with less than $20,000 in personal property assets are now exempt from the annual personal property tax assessment under HB268. The new legislation officially took effect on June 1, 2022, raising the tax exemption threshold from $2,500 to $20,000.

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