Taxes on Business Income in Maryland

 

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As in every other state, the state of Maryland has various types of taxes. All of these tax types are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that will affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

• Franchise tax is not likely to apply to most small businesses as it is only required from savings and loan associations doing business in Maryland.
• Income tax on business income computed at 7 percent based upon corporate taxable net income is required in Maryland.
• Personal income tax based on a person's income is 2 percent to 4.75 percent of taxable income in Maryland.