TAXES

[gene]

How many botters pay tax on your equipment? If so how much if its not too personal, If so please dont post.

[frank134]

in pa it 7 % plus if you lease it, and other 7% on the interest. Isn't this a crock. soon will pay tax on the air we breathe and tax on swallowing it. Since I am here is there a good lawyer or person that know lease law?

[gene]

Is that a sales tax or a tax on equipment that is used to operate a buisness?

[Gary Campbell]

Gene...

7.5% sales tax plus .8% per year Tangible personal property tax. The TPP runs around $250/yr for our "assessed value" of equipment.

Plus another $2,000/yr in other taxes/fees for the priveledge of operating them in the county.
Gary

[frank134]

that just the sales tax. I think it getting out of hand. they just seem to take any more. when it stop. we have a buisness tax too. oh yes I for got about the priveledge tax. we get tax for making them money. how come they get health inc and we don't and they work for us?

[harryball]

In Georgia the equipment property taxes are only accessed for business property. If an item is for personal "hobby" use no taxes are accessed. Boats, however, do not fall under this category and are taxed to death and beyond. I'm still getting tax notices for boats I sold 10 years ago. Governemnt efficiency at its best.

I'm not a tax authority nor attorney. So by all means, find out for yourself. I can only tell you what I learned in my county and State.

/RB

[khaos]

I have discovered here in VA that it makes a big difference how you claim it. Check with your accountant but ...

If you want to amortize, it hurts... While you get the extended refund value over a few years VA sticks it to you by taxing the federal refund as income and then taxing the assessed value of the tool based on your initial value used for the amortization.

I just list everything as a straight expense.

With the Libs in the Washington now taxes are only going to go up-up-up like crazy. 1.3 Trillion in waste ain't gonna pay for itself.

[ken]

Joe,

What do the libs in Washington have to do with Virginia Tax requirments?

Just curious,
Ken

[Forum Admin]

Let's not move from business accounting principles into the political realm. Feel free to continue federal/state discussions by private email.