Originally Posted by mrbray101
Hi, this is my first year filing my own taxes being self employed. I had not heard about a tangible tax before but I have been told that I will be taxed on all of the equipment I own. Is this a new thing or just a statewide thing (FL)? So if I am thinking correctly, the equipment I have already purchased and paid taxes on will be taxed again. Then again next year and so on? That does not seem right but that is how I interpretted it. Thanks for any input.
Its for leased equipment. Some finance options on equipment are a 3 year lease with a $1 buyout at the end of the lease. So you have to pay the tax on it. And you pay tax on the "fair market" value decided by some government moron. I did that with a great dane once, and the final year of the lease their value of the mower was $4800. I got $600 for it when I sold it a few months later. Its not that expensive of a tax, its just that its another thing to get your money.