Property Tax Savings: When Did You Last Review Your Fixed Asset List?

Image by Kerttu from Pixabay

I’ll bet that you have been overpaying your business personal property taxes for years!  I want you to pay what you owe, but why pay more than you should?

Pull out the personal property return that you filed last year.  Look at the asset list.  See?  There are items on there that you got rid of or that are long since obsolete.  But, you paid taxes on them anyway. 

Clean up your books and your lists now.  We’re in that fall lull before the holidays and the rush of year end activity that follows.  Now is a good time to visually identify the items on your list.  This may also be a good time to number the different assets, both on the list and on the equipment.  Which items need to come off of the list due to disposal or obsolescence?  Communicate with your accountant or bookkeeper to see what information they may need to make the books match the list.  Also, be sure that you have everything listed that should be on the list.  If your tax accountant keeps their own list, make sure their list matches your list and your books.

Doing the work now will make the filing of your personal property return much less hectic, may make you aware of equipment that may need to be replaced or sold before year end, and may save you money when your next personal property tax bill arrives.  Don’t delay!  Every year you put this off, you are paying taxes you do not owe!