Business personal property tax is based on a list of your assets. However, not all states tax these assets in the same way. If a state does tax business personal property, not all states follow the same tax rules, codes, or even have the same deadlines.
Business personal property taxes can get especially tricky (and costly) if you own a business with multiple locations - like convenience stores, hotels, fast food franchises, banks, etc - or one with lots of expensive equipment/assets - like manufacturers, distribution centers, textile mills, etc.. It’s important to consult with a professional that can help you navigate local and municipal business tax laws and understand your obligations. Let Sharon H. Lyall, CPA help eliminate some of your burden so that you can focus on your business.
But first, let's start with finding out if the state you or your businesses are in actually tax business personal property.
If you're a business owner in North Carolina, you annually pay taxes for your company. But have you ever wondered what is business property tax and how is it calculated?
Interestingly, not all CPA’s get training on handling business property tax. In fact, this specific type of tax work is barely covered in typical accounting classes. It is no wonder many businesses overpay their business property taxes.
Running a business is full of challenges, especially this year. At Sharon Lyall, CPA - we can help you navigate business tax laws so that you can focus on running your business. Take advantage of our free asset review to help you identify cost savings.
Let’s take a look at what is business property tax, business personal property, and sort through some of the questions that can help your business navigate tax rules.
Fast Food restaurants are one of the most important industries in our country. On any given day you can see long lines forming in drive-thru lanes at multiple fast food locations throughout a single town. Models of efficiency, the fast-food industry employs millions of Americans, often instilling a strong work ethic and principles of customer service and responsibility for first-time workers. Many find opportunities to start at the bottom and work their way into management and corporate positions.
Restaurant and fast-food franchises have been significantly impacted by the worldwide economic impacts of the COVID-19 pandemic. At the same time, these companies have been some of the most innovative, finding ways to safely serve customers despite the challenges they face. Even still, restaurants throughout the country are far from their financial goals and need every dime going forward.
Every industry has been affected by the pandemic and the measures are taken to reduce its spread by Americans staying at home. The travel industry, however, has been especially hard hit. Months of canceled reservations and reduced operations have left hotels and hotel chains well below their anticipated revenue. Even as some semblance of travel returns, for most it will not be enough to avoid significant repercussions. Now owners and executives are scrambling to find ways to reduce overhead and recover something of what they have lost.
This is definitely not a season to shell out more in taxes than you should owe, but unfortunately, hotels across the nation are often paying too much in property taxes. Property tax law is often misunderstood, and few CPAs have expertise in it. At Lyall CPA, we help hotels and hotel chains find significant savings with their personal property and real estate taxes. Here are some keep tips:
Cars and automobiles have a special place in the life and economy of our nation. As children, we look forward to the day when we can finally experience the independence afforded by a personal automobile. For adults, vehicles represent our ability to drive to the places we work and live. Historically, the advancement of our nation’s economy in the Twentieth Century was intrinsically tied to the success of the inventors, innovators, and manufacturers of the automobile.