Tangible tax?

Discussion in 'Business Operations' started by mrbray101, Mar 22, 2006.

  1. mrbray101

    mrbray101 LawnSite Senior Member
    Posts: 251

    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.
     
  2. twj721

    twj721 LawnSite Senior Member
    Posts: 619

    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
     
  3. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    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.
     
  4. antonelawncare

    antonelawncare LawnSite Member
    Posts: 2

    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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