QUESTIONS ABOUT CORPORATE TAXES
In this section we answer corporate tax questions that we often hear.
It’s not a forum for getting detailed advice but it answers some common questions that we’ve categorized into our six service areas. Select one of the six service icons to see questions in that category.
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Personal property taxes, unlike real property taxes are on unsecured assets. Unsecured assets are things that you can pick up and move – like furniture, computers.
Businesses are required to report their unsecured property tax on a cost basis. So furniture, computers, even things like supplies can actually be subject to personal property taxes.
Counties are really starting to ramp up audit activity on things of this nature.
They are typically collected by county tax collectors based on an inventory of taxable assets in the county on the lien date.
If you have self-constructed depreciable property, consider engaging a professional to assist with reporting.
VPTax will educate you on proper reporting or prepare proper returns for you possibly resulting in a lower tax liability; cutting out the contingent fee “advisors”.