The Maryland Financial Statement is an itemized financial report that is filed with the Maryland State Department of Assessments and Taxation (SEAT). It is a document that details the financial activity of a business or individual in the state of Maryland. The Maryland Financial Statement includes information such as assets, liabilities, income, expenses, and other financial data that must be reported to the state of Maryland. It is used to determine the amount of taxes that an individual or business owes to the state. There are two types of Maryland Financial Statement: the Short Form Financial Statement and the Long Form Financial Statement. The Short Form Financial Statement is used to report an individual's or business's financial data to the state, while the Long Form Financial Statement is used to report more detailed financial information. Both forms of the Maryland Financial Statement are required to be filed with the SEAT annually.