Tax Form Question.....What A Joke!

[Gloucester2]

"Technically" <someone better really call JPowers now> they should be "converted" from personal property to business property at their fair market value when the business commenced . . . I know, I know a quagmire when we're talking about dozens of hand tools, uncertain values, mixed business and personal use, etc. - but accountants gotta eat too


Create an inventory, come up with a reasonable value, take a deduction for depreciation (3 years seems like a reasonable useful life) and the savings will more than offset any excise/use tax you may incur.

That will be one plug please Just kidding !

gOOD LUCK.

[Karl F]

yep G2..
BigFish INC. buys out BigFish Larry Hobbyist.... Corparate aqusition, so to speak

[Raven]

Larry you should have that tool inventory on paper in a safe place
in case of fire or theft anyways.

[Tagger]

That sux Larry ,,, sounds like the old Whitey shakedown of buisness owners .. Pay me for protection of us .. Maybe it wasn't so bad when England ran the show here .

[Karl F]

There is talk of doing this on the cape in some towns on Personal Property for homeowners.. have them inventory appliances, high end TV's, Stereos, PC's, electornics.. etc... Tools.. etc.. and pay an excise tax on that.. I know in Eastham, if you own a house or cottage and rent it.. you got to do that on the appliances already, guy who works part time with me has a small rental cottage, and he just got whacked with it...

As that *&%*! Tip O'Niel used to say.. "All Politics is Local"... well, All Corruption is Too.. Starts right at everybodys local Town Hall and Goes Up the Ladder all the way to DC.. Both Sides of the Aisle.. Thieving Bastages...

BUT.. if it's the Law.. ya better pay

[Swimmer]

I am pretty sure assessors can get you for anything that is attached..........such as a painting or other hanging thingies.

This is a question I have needed answering and I appreciate it being asked. So if I go to my town hall and get a business license for the flies/teasers I sell here and there, what they will do in return is tax me on what I use to make them, bucktail, thread, hooks, vise, right? I have been going to do thisbecause two suppliers I have approached over and above the ones I use want that business license in place. So how bad can it be to get taxed on some flie tying material and vise?

[BigFish]

I can't imagine the tax on my stuff will be too much Frank?? A bandsaw a lathe, a few drill presses and a compressor???? $50.00 maybe??? I am not gonna sweat that! I don't think they will tax you on those Frank....they specified power tools to me!

[Jenn]

Big fish....basically everything in life is taxed at least twice. Go to work earn money and they tax you. Take whats left and buy stuff you need....they charge sales tax on that. Buy a house...taxed. Car, boat, trailer, taxed...then exise tax on top of that yearly. It doesnt end.....