Quote:
Originally Posted by CWatkinsNash
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.
|
Wow...I've never even heard of that, and I've had my own business for 15 years, and my husband owned his business for 25. I have to pay property tax on real estate and cars, but I've never had to pay it on office equipment for my business, and my husband never had to pay it on any of the materials that he kept on hand for jobs. Either my accountant is really really bad and I owe thousands in back taxes, or that's one tax that we don't have in Connecticut.
Shari