Manufacturing is at the heart of the American economy. We have always been people who make and build things. Manufacturing jobs have long been coveted by people throughout the nation. For companies in the manufacturing industry, it is vital to make sure you're not cutting into your profits by paying more than you are required on Tax Day.
Many manufacturing companies go to great lengths to make sure their federal income requirements are met but not exceeded, while they are unwittingly paying more than required for property taxes. In this post, we are providing tips to help manufacturing companies properly reduce their property taxes.
Business owners and managers work hard to make sure their products and services are consistently representative of their high standards. They spend countless hours caring for the needs of employees, supporting customers, and ensuring the wheels of the organization do not fly off.
As far as you are concerned, state and local business property taxes are probably just a headache you want to go away as quickly as possible. Unfortunately, many companies are paying entirely too much for property taxes due to improper identification of assets and the existence of ghost assets.
In this article, we will discuss business property taxes, asset identification and tagging, and why ghost assets should send a cold shiver down your spine.
Calculating business property taxes can be a tedious, irritating part of accounting for your company. You have better, more important tasks, so you may be tempted to try to get it out of your hair as quickly as possible. Business owners and managers, as well as most accounting firms, often focus on federal and state income tax but spend very little time on property taxes. If you, or your CPA’s, are not paying close attention to your business property taxes, you could be paying entirely too much.
In this article, we want to help business owners and managers understand what you need to know about property taxes and how to avoid paying more than your fair share.