Tangible Personal Property Tax Payment Deadline March 31st, 2022

Pay Tangible Personal Property Tax by March 31 2022. There is no payment discount of the total tax due.

Additionally, this is the last date to pay tangible personal property taxes.

Delinquent Tangible Personal Property Tax

Taxes become delinquent on April 1st each tax year. Interest accrues at 1.5% per month (18% per annum) plus additional fees are added.

What is Tangible Personal Property Tax?

Tangible Personal Property Tax is an ad valorem tax assessed against:

- Any equipment, fixtures or furniture used in a business or for a commercial purpose

- Leased equipment

- Furnishings and appliances in a rental property, owned by the real property owner

- Any attachments made to a mobile home or manufactured housing in a rental park

Tangible Personal Property includes everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc. Also tools, machinery, signs, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.

Business Tax Return Preparation of Tangible Property Taxes

It is important to note that all businesses are required to file a Tangible Personal Property Tax Return (Form DR 405) if you own personal property. You should hire a tax preparer for peace of mind and to ensure you accurately reflect the assets utilized by the business.

Our firm can assist you identifying all assets, estimate the fair market value, and prepare the depreciation schedule. In addition, we can complete your business tax return. Moreover, we will keep timely, accurate records if you sell your business, go out of business, or move to a new location.
https://pasfirm.com/2022/03/02/tangible-personal-property-tax-payment-deadline-march-31st-2022/

Comments

Deduction of Business Meal Expenses for 2021 and 2022

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States. To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants. Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost. IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th

W2s & 1099s Forms Filing Deadline

Get ready for your W2 & 1099 forms reporting requirement Businesses must prepare tax reporting forms as part of their tax filing obligations. Generally, W-2 forms are used for part-time or full-time workers, Form 1099-NEC is used for contractors and other non-employees. W-2 and 1099-NEC forms must be filed by January 31, 2022 . The same deadline applies for completing both W-3 and 1096 forms to the appropriate government agency. There are penalties on companies that issue W2 and 1099s forms late. Must taxpayers do not like receiving IRS forms 1099. Businesses may not like sending them out. Generally, business must issue the forms to any payee (other than a corporation) who receives $600 or more during the year. As the Year-End approaches, good preparation now can help business avoid problems later. Review payments you have made during the year and verify you have completed information for all payees for whom you will be required to file a 1099. Information that should be gat

5 Reasons To Hire An Accounting Firm For Your Business In 2021

Hiring an accounting firm will be an ideal solution for small businesses and startups. In 2021, there are about 400 million small and medium-sized businesses in the world, and accounting forms their backbone. Managing your business finances requires a fundamental understanding of numbers, budgeting, forecasting, tax planning, and risk management for best financial performance. While many have understood this game and play it correctly from the start, for example, Warren Buffet, most of us are too caught up in our day-to-day challenges to even understand the complexities of numbers. And if you are the founder of your startup or run a small business, it can be intimidating to deal with numbers day in and day out, particularly when your focus should go into working on upcoming projects and growing your business. Doing your business finances, yourself could definitely save some money in the short term but outsourcing your accounting tasks can undoubtedly bring not just the financial expert

Professional Accounting Solutions

Search This Blog