Maryland · State and county income tax
CPA, bookkeeping & fractional CFO services in Maryland
Maryland residents pay state income tax plus a county or Baltimore City income tax, and the state is home to many federal contractors, biotech companies and healthcare organizations. CPA Torrance is a CPA-led firm based in Torrance, California that provides bookkeeping, tax planning, tax filing and fractional CFO support to Maryland businesses remotely.
- Serving all of Maryland remotely
- Maryland Form 500, 510 and annual report tracked for you
- Monthly reporting included
In short
Why do Maryland business owners pay county income tax?
Maryland residents pay a local income tax to their county or Baltimore City on top of the state income tax, collected on the same return. Business owners pay it on their share of pass-through income. Maryland businesses also file an annual report and personal property return with the state each year.
- State income tax
- Graduated + county tax
- State sales tax
- 6%
- Key business tax
- Personal property return, county income tax
- How we serve
- Remotely, statewide
Services in Maryland
What we do for Maryland business owners
From Montgomery County biotech firms and Columbia cybersecurity companies to Baltimore healthcare practices and Annapolis professional firms, Maryland owners need state and county taxes planned together. We provide monthly bookkeeping, federal and Maryland tax planning, filings and CFO reporting from one coordinated team.
Bookkeeping Services
- Monthly reconciliations in QuickBooks Online
- Maryland sales and use tax tracking
- Payroll and contractor payment review
- Monthly profit and loss and balance sheet
- Catch-up and clean-up bookkeeping
Tax Planning & Strategy
- Entity and S corporation review
- Maryland PTE election analysis
- Federal and state estimated payments
- Multi-state income review
- Year-end tax planning meeting
Tax Filing & Compliance
- Federal business returns (1120, 1120S, 1065)
- Maryland Form 500, 510 and annual personal property return
- Owner individual returns
- IRS and state notice help
- Due-date tracking for every filing
Fractional CFO Services
- Cash-flow forecasts
- Budget versus actual reviews
- Margin and pricing analysis
- Lender- and investor-ready reporting
- Growth and hiring plans
Maryland tax planning
Planning around Maryland taxes
Maryland planning combines state and county income tax, the PTE election, the annual property return and federal planning.
Book a 15-min callPTE election
Maryland lets pass-through entities pay tax at the entity level, which may create a federal benefit. We model it each year.
Annual report and property return
Every Maryland entity files an annual report, and many file a business personal property return. We track the deadline.
Contractor accounting
Federal contractors need job costing and indirect rate tracking that supports audits.
Who we work with
Maryland industries we serve
We work with owner-led businesses across Maryland, with experience in the industries that drive the state economy.
Federal contractors
Job costing and indirect rates for government work.
Biotech and life sciences
Research companies along the I-270 corridor.
Healthcare practices
Medical and dental practices across Maryland.
Cybersecurity and IT
Service firms supporting federal and private clients.
E-commerce sellers
Online brands with Maryland sales tax, inventory and multi-channel books.
Professional firms
Consultants, agencies and law firms billing by the hour, project or retainer.
Why Maryland businesses choose CPA Torrance
Areas we cover
Serving businesses across Maryland
Businesses in Baltimore, Columbia, Silver Spring, Rockville, Bethesda work in federal contracting, biotech, healthcare, cybersecurity and logistics. CPA Torrance helps Maryland businesses, including those owned from out of state, stay compliant and organized through remote meetings.
- Baltimore
- Columbia
- Silver Spring
- Rockville
- Bethesda
- Annapolis
- Frederick
- Gaithersburg
- Towson
- Germantown
- Video meetings on your schedule
- Secure document portal for statements and returns
- Cloud accounting you can see any time
FAQ
Maryland business tax and accounting questions
Not covered here? A 15-minute call gets you a straight answer for your situation.
What financial services can CPA Torrance provide to Maryland businesses?
We provide monthly bookkeeping, federal and Maryland tax planning, business tax filing and fractional CFO services. Everything runs from one set of books, so your bookkeeper, CPA and CFO advisor work from the same numbers.
Do Maryland LLCs file an annual report?
Yes. Maryland entities file an annual report each year, and many must also file a business personal property return with the state.
Does Maryland have a pass-through entity tax?
Yes. Maryland allows pass-through entities to pay tax at the entity level, which may let owners deduct it federally.
Do nonresidents pay Maryland tax?
Nonresident owners generally pay Maryland tax on Maryland-source business income, sometimes through the entity. We handle the filings.
Can CPA Torrance work with Maryland businesses remotely?
Yes. We serve businesses across Maryland, including Baltimore, Columbia, Silver Spring, Rockville, Bethesda, Annapolis, Frederick, Gaithersburg, Towson and Germantown, through video meetings, a secure document portal and cloud accounting you can see any time. Our office is in Torrance, California.
How do I get started?
Book a 15-minute call or request a free financial assessment. We review your books, tax position and systems and recommend the right mix of support for your Maryland business.
Get your Maryland books and taxes in order.
Book a call to review bookkeeping and tax planning for your Maryland business.