As one tax season ends, another, more local one begins: business tangible personal property taxes (PPT).
Don’t be fooled by the name, this has nothing to do with your personal belongings. The technical definition of business personal property is everything which isn’t real property. Real property is defined by buildings and land. Thus, business personal property is everything else (fork lifts, furniture, computers, etc…). Confusing right?
Indiana requires businesses to report their personal property to their county assessor by May 15 th of each year.
If you don’t have a significant amount of personal property ($20,000 of cost or less), you can be exempt from paying any tax. However, you STILL need to file the forms.
Our firm prepares hundreds of these tax returns each year and we would be happy to help you.
Give us a call at 260-407-5000, and we would be happy to assist you.
Shane
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