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Filing a schedule F and state personal property taxes

by gowayfarm, Performer

  • Created: October 26, 2011, 9:39 am
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2 comments

I started an LLC for a farming operation a few years ago and have filed the schedule F as part of my regular taxes to cover the single member LLC. I have received a personal property tax form from my state (MD) to file the last few years but with that already being filed thru my taxes (federal and state) I have not sent that in. I have had no profit so far and there is a 300.00 fee just for filing that form. What am I obligated to do in this case?

Tags: Discuss Popular Topics, Filing and Paying Taxes
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BizResearcher | Window Shopper | 12/13/2011 - 2:05 pm

Personal property tax is different than income tax. Personal property tax is collected on the value of equipment owned by the business, regardless of whether the business is making a profit. It is paid to your county, not the IRS. Just the fact that you are in business makes it necessary to pay personal property tax. You may want to contact your county treasurer or recorder's office ASAP and get this cleared up. If you don't, they will file a lien against your business and your business equipment.

kmurray | Community Moderator | 10/31/2011 - 3:13 pm

Hi, Contacting your local Small Business Development Center can help guide you in answering these questions. Check out our list of local resources available to you.