Business Tangible Personal Property Taxes
As tax season comes to an end and we work our way towards warmer days, the staff at SBS CPA Group faces yet another deadline in May. Indiana requires businesses to report their personal property to their county assessor by May 15th of each year. This is done through business tangible personal property taxes (PPT).
You might wonder, what exactly this is. Each county in Indiana levies a tax on personal property used in business. On a technical level, the definition of business personal property is everything which isn’t real property (buildings and land). Business personal property is everything else. Some examples include, forklifts, furniture, equipment, and so on.
There are some exemptions to paying any tax with this return. If you do not have a significant amount of personal property (40,000 of cost or less), you can be exempt. You are still required to file these forms, but these exemptions prevent you from having any tax effect.
Our firm prepares hundreds of these tax returns each year and we would be happy to help you.
If you have any questions or concerns, please feel free to contact SBS CPA Group at 260-407-5000. We are here to answer and of your questions.