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Old 03-22-2006, 10:52 AM
mrbray101's Avatar
mrbray101 mrbray101 is offline
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Join Date: Dec 2005
Location: Gainesville, FL
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Tangible tax?

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.
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Old 03-22-2006, 11:44 PM
twj721 twj721 is offline
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Join Date: Jan 2003
Location: North East Texas
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IT IS JUST LIKE PERSONAL PROPERTY Tax . Here in Texas you can give them fair market value of your equipment .. my taxes on my mowers and trailer was $320.05 for 2005 Have got the form filled out for 2006 but have not turned it in yet, but on the plus side it is a businees deduction that you can take Good luck and have fun . Twj
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Old 03-23-2006, 12:42 AM
lawnman_scott lawnman_scott is offline
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Join Date: Jan 2001
Location: st pete, FL
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Quote:
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.
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Old 04-19-2006, 08:08 AM
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antonelawncare antonelawncare is offline
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Join Date: Apr 2006
Location: Northwest, fl
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One of my pet peeves, I say alot of cuss words every year when I write out the check for this stupid (should be illegal) tax. I wish all the penny pinching customers understood how much it costs to be in business legitimately. Everybody has a hand in your pocket.
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