Nope.Have you not been paying taxes up until now?
Building permits for the new house and shop is how they got me.Why did you let them in???
My Building is for "storage"......Building permits for the new house and shop is how they got me.
Depends on the business. They can only tax the equipment that is related to the business.Nope.
The moment you run a business on personal property, all your equipment is taxed.
Hard to explain, when it is full of machines, electrically connected, with dust collection connected and work in progress. My shop was done while the house was still going up. Plus the AC. The can charge back taxes, plus penalties.My Building is for "storage"......
No, just the equipment related to your business. You'll be lucky if there aren't additional penalties levied. May be time to have a talk with your accountant to get squared up and legal.Nope.
The moment you run a business on personal property, all your equipment is taxed.
Of course, if running a business, then you have business taxes, State and Federal. You recover some of the equipment asset cost by depreciation which will then reduce the property tax. If your Jet or boat is used for business, it gets depreciated and is not personal property.
Tax is assessed when money changes hands. So, in the life of any product or service, it gets taxed several times. It is not really double taxation. It is structured where it does not matter if you work for a company you own, or some one else. Yes, it sure adds up. But unless you are a billionaire ( lots of political comments I will keep to myself) we all should pay under the same rules.
Yes, jurisdictions grant State and Local tax exemptions on some businesses under the justification that having the business locally will generate greater revenue by higher employment or sales tax. Amazon, and many car factories are examples. Let us just say, it is the "golden rule" : He with the gold makes the rules.
I have good accounting practices in place, submitted and checked by a reputable CPA firm each tax year. I have a state tax audit in progress, which is a total joke. Incompetence like I have never seen before. I am tempted to make a YouTube video of that, so the public can see what small businesses have to deal with. But probably better to utilize my time better.No, just the equipment related to your business. You'll be lucky if there aren't additional penalties levied. May be time to have a talk with your accountant to get squared up and legal.
All my equipment has been written of, so they have zero value on my balance sheet. Only the shop building is being depreciated over 30 years. Even the AC for the shop has been written off.
I don’t have an issue with paying tax on personal property used for business purposes. My objective with the initial post was just to alert members here that they should be careful when making items in a home shop which are being sold. Then they are liable for paying personal property tax on the equipment used for that purpose. And, I guess it depends on the rules of the county one lives in.So you want the benefit of reducing your taxes by depreciating equipment you use in your business but don't want to pay personal property tax on equipment you use in your business. I don't understand your issue. The taxing authorities are treating you no differently than any other business.
I have good accounting practices in place, submitted and checked by a reputable CPA firm each tax year. I have a state tax audit in progress, which is a total joke. Incompetence like I have never seen before. I am tempted to make a YouTube video of that, so the public can see what small businesses have to deal with. But probably better to utilize my time better.
I thought high taxes was the # 1 reason for leaving NJ. Never heard anybody say "When we retire, we're moving TO New Jersey."Welcome to NJ