If you own a small business in nearly any industry, it’s very likely that you’ll need to file tangible personal property tax. Let’s make sure you know everything you need to know!
At CSI Accounting & Payroll, we’ve worked with small business taxes for over 50 years. That means we’ve spoken to lots of small business owners about tangible personal property tax, including topics like:
- What is tangible personal property tax?
- Who needs to know about it? How can being informed help me?
- Can CSI help me if I have tangible personal property tax?
What Is Tangible Personal Property Tax?
Tangible personal property tax is a tax on tangible property, meaning all of the following applies:
- You can touch it.
- It is not attached to the ground. (No buildings, for example)
- It is not otherwise taxed by the government. (No vehicles, for example)
Again, almost every small business will have tangible personal property, regardless of the industry they operate in. Tangible property includes things like:
- Furniture
- Equipment
- Software
- Tools
- Machinery
- Signage
- Leased equipment
What You Need to Know about Tangible Personal Property Tax
Why would a small business owner want to know about tangible personal property tax if it’s treated similarly to any other tax?
Tangible personal property tax laws vary by state, including some states not having it at all or even having exemptions to it. 37 states have the tax, and 13 don’t have the tax.
Some states have the exemption of a certain value of tangible personal property that you can own before you need to start paying the tax. An accountant can help you stay under that minimum so you can avoid having to pay the tax.
What else can they help with?
How CSI Helps File Tangible Personal Property Tax
If you're not working with a professional, you can choose to file the tax on your own (since the reference guide should be included with the form for each state). However, the calculation can be complicated, and you won't receive professional guidance to potentially avoid having to pay the tax in the first place.
As we mentioned before, CSI Accounting & Payroll can help you stay under the minimum value of tangible personal property that you can own before you need to start paying the tax. However, every business operates differently. If there is no way to avoid having to pay the tax, your dedicated accountant can handle the filing process for you according to your state’s requirements and by your state’s due date.
The best part? You won't pay extra. Our monthly accounting service includes annual tax filings in the set monthly fee, and we’ll include tangible personal property tax filing in the fee, too.
Don’t Worry About Your Tangible Personal Property Tax!
Now that you know about tangible personal property tax and how an accountant at CSI can help you with it at no additional fee, are you ready to check out monthly accounting services?
If so, please consider CSI Accounting & Payroll! To see if we can be a good fit for your business, click the button below for a free consultation:
Not ready to talk? That’s okay! First, learn more about what it’s like to work with CSI by clicking the image below:
