No Trespassing
You don't need a rocking chair and a shotgun to keep the IRS off your property--taxwise, anyway.
The start of a new year is an opportune time to take inventory or your business property and determine what you can do to trim the taxes owed on those assets. A handful of strategies exist to help on that front, some easier to accomplish than others.
For the most part, the personal property tax area is one that gets short shrift, says Joe Huddleston, a partner with accounting firm Grant Thornton LLP in Nashville, Tennessee. Too often, notes Huddleston, business owners overlook the tax impact of acquiring equipment and property for their businesses. "Businesses capitalize these items for federal tax purposes," he says. "Once they've done this, the equipment goes on a company's fixed-asset rolls and business owners begin to pay personal property taxes on the assets. Too often, that's the last time anyone considers them."
4th of July Subscription Sale - Unlock this subscriber exclusive article and more for 20% off today.
Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.
Get 20% off an annual subscription today. Just use code SAVE20 at checkout.
Entrepreneur Editors' Picks
-
Formerly Enslaved Black Man Nearest Green Taught Jack Daniel Everything He Knew About Whiskey. Today, the Founder of Uncle Nearest Premium Whiskey Celebrates His Legacy.
-
Leadership Lessons From the Exclusive Creativity School That 'Packs 5 Years Learning Into 5 Days'
-
3 Expert-Backed Strategies for Staying Calm in Times of Confrontation
-
The CEO of Wayfair Has Helped Revolutionize Digital Shopping for 20 Years. Here's How He Handles Rocky Economic Conditions.
-
This Founder Went to Prison When He Was 15 Years Old. That's Where He Came Up With the Idea for a Company Now Backed By John Legend.
-
3 Signs You're Letting Pride Get in the Way of Being Successful
-
Chip and Joanna Gaines and Shonda Rhimes Found Incredible Success By Using This One Entrepreneurial Strategy. Here's How You Can Too.
