A new Virginia law allows the owners of a pass-through entity (PTE) to shift their income tax burden generated from the PTE away from them personally and instead to the PTE itself.
If your Maryland business is subject to unemployment insurance taxes, be aware of potential changes to your tax rate for the 2022 calendar year.
Subscribe to our blog, and we'll send articles straight to your inbox when they're published.
Social Security and Medicare tax As of January 1, 2022, the maximum amount of annual earnings subject to Social Security increases to $147,000 (from $142,800 in 2021). There is no limit on the amount of earnings subject to the Medicare tax.
Maryland manufacturers, as well as other businesses located in certain geographic areas, may be eligible for a potentially significant tax credit, but the application window closes soon. If you anticipate hiring employees in the first half of 2022 for your business, you can take advantage of the More Jobs for Marylanders Incentive Program. However, the program will close to new applicants on June 1, 2022, so you should get your application in now.
Yesterday, Maryland announced that the deadline for individual income state tax filings and payments will be extended from April 18, 2022 to July 15, 2022.
Manufacturers and distributors need to have inventory available to ensure a steady flow of goods to producers and consumers. Selling inventory also keeps a steady flow of capital coming into your business. However, handling and storing materials can be costly.