Quote:
Originally Posted by Apache
I got news for you Georgia isn't the only state with this type of tax. Most counties in most states derive a large part of their income from this type of tax. It is called property taxes. And you pay on everything you own, not just the inventory. If your business owns a computer, or any other type of equipment you pay taxes on it every year. Mine used to be due January 1st. A few years ago they changed it to November 15th. And yes I know that you get to depreciate your equipment, but come on they tax you on everything include office furniture. ie chairs and tables.
Apache
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Yep. I have to do it every year and it's a pain in the rear, especially since here, the asset classifications are not exactly standard. It's also completely off the regular tax schedule. I have to send in the updated asset list by March 1, and the tax bill is sent out in the fall but not due until February.
Initially, general supplies (short-term consumables) weren't included, but they added that last year. They weren't really specific about what they wanted, though, so I listed office supplies as one item, truck supplies as another item, etc. I'm fairly certain that they rarely even look at the list, just the sheet with the group totals.
On the upside, they use a standardized depreciation formula that's fairly generous.