I'm a pretty young and inexperienced investor. I've only completed one wholesale deal last year 2018 (I made $8,000) through an LLC I have. I'm trying to file my Maryland annual report before the due date April 15th (I know I definitely should have hired an accountant way before this but I think it's too late now!?). I have some really important questions below:
- Considering my LLC does not own, lease, or use personal property located in Maryland right now, I think that I do not have to file a personal property tax in addition to the annual report, correct?
- The Annual Report form says the filing fee is $300 for a domestic LLC; Do I include a check simultaneously for that when sending this form?
- Would I say the $8,000 I made last year is the amount of "gross sales" requested on the Annual Report Form?
- In addition to the Annual Report form, do I still need to file separate taxes? (I do my personal taxes through turbo tax - could I do my LLC's through there as well?
I'm really sorry if these are dumb questions, but any help with these would be GREATLY APPRECIATED!! Thank you so much!
You don't need an accountant yet. (I'm going to get heat on that statement)
You do need to file your annual report and just put in zero for your personal property owned. I always file my Maryland annual property report online and you can pay online as well (The filing fee). You won't owe any Personal Property tax to Maryland but that is different than income taxes. See below
Your llc should be a single member LLC therefore it's treated as a pass through entity. I would just file seperate Schedule C for it as a separate business. You can also deduct any expenses related to the business. Deduct everything travel, entertainment, supplies, postage, office , ect. Then get the Net income down as low as possible.. You will owe federal and maryland taxes on that net income. You can do it all in turbo tax.. You may need to buy the small business turbo tax though.
@Ray Slack you're a rockstar. Thank you so much for your help. I filed my annual report (didn't need to do the personal property form) & filed my LLC's federal & state taxes on the Small Business TurboTax that I purchased. I wouldn't have felt confident that that's all I had to do without your help, so I really do appreciate it tremendously!! I would love to hear about your experience as an investor some time if you're ever free :)
have you done any more wholesale assignments since that post?