Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I have a Texas LLC and we sell agricultural parts for

Customer Question
I have a Texas...

I have a Texas LLC and we sell agricultural parts for tractors, we have a contract manufacturer make our proprietary parts, then sell them to farmers. Farmers are obviously tax exempt, but are we also tax exempt? Do we have to file for a sales and use tax for Texas, if not?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I know of

Submitted: 7 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Customer reply replied 7 months ago
The reason I ask is because I have a quote from a new manufacturer and they asked for a reseller’s certificate but I not sure if I should register for a sales and use tax and then reseller certificate OR if I should apply to be tax exempt since we are an agriculture company. Thanks for your help!
Customer reply replied 7 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 7 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 19 minutes by:
11/16/2017
Financial Professional: Tax.appeal.168, Accountant replied 7 months ago
Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 4,714
Experience: Tax Accountant
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

Ask Your Own Finance Question
Customer reply replied 7 months ago
Ok, thank you. This is a new LLC, that is why I am asking. In a previous company that was an Indiana S corp, we were tax exempt as an AG company but I don’t know if it’s the same for Texas. Let me know if you have any questions.
Financial Professional: Tax.appeal.168, Accountant replied 7 months ago

Q: Do we have to file for a sales and use tax for Texas, if not?

A: In brief, you must obtain a Texas sales and use tax permit if you are an individual, partnership, corporation or other legal entity engaged in business in Texas and you:

  • sell tangible personal property in Texas;
  • lease or rent tangible personal property in Texas; or
  • sell taxable services in Texas.

REFERENCE SOURCE:

https://comptroller.texas.gov/taxes/sales/faq/permit.php

----------------------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Finance Question
Customer reply replied 7 months ago
Yea, I saw that but we don’t sell personal property, lease or rent or sell taxable services. Also, see my previously reply.
Financial Professional: Tax.appeal.168, Accountant replied 7 months ago

In brief, yes, you are exempt.

Personal tangible property is defined as follows;

Tangible personal property is everything other than real estate that is used in a business or rental property. Examples of tangible personal property are computers, furniture, tools, machinery, signs, equipment, leasehold improvements, supplies, and leased equipment.

---------------------------------

For purposes of this exemption, equipment is defined as an apparatus, device, hand tool or simple machine. Machinery is power operated. The exemption also applies to accessories and repair and replacement parts for qualifying machinery and equipment, as well as the labor needed to install the accessory or perform the repair, provided the equipment has not been incorporated into realty.

REFERENCE SOURCE:

file:///C:/Users/angel/Downloads/94-101%20(4).pdf

Ask Your Own Finance Question
Financial Professional: Tax.appeal.168, Accountant replied 7 months ago

Personal property for a business would everything from the smallest stapler or calculator to a company-owned car or large piece of machinery. It includes manufacturing equipment, office furniture and equipment, computers, tablets, cell phones, and vehicles purchased and used by the business, and, basically, everything that isn't "nailed down." In other words, personal property is movable, while real property is not.

REFERENCE SOURCE:

https://www.thebalance.com/personal-property-of-a-business-398407

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 4,714
4,714 Satisfied Customers
Experience: Tax Accountant

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Can I process a loan without stepping into a banking using
Can I process a loan without stepping into a banking hall using my home? or can I get a car loan financing without stepping into an office?… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
247 satisfied customers
For the tax Accountant: How does a New York Corporation pay
For the tax Accountant: How does a New York Corporation pay 2nd quarter payroll taxes to the IRS and to NYS… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I need a real international tax expert. I have been visiting
I need a real international tax expert. I have been visiting USA on a non immigrant visa for years, and spend time there visiting my wife. I have had no US sourced income during this time. This year, … read more
taxmanrog
taxmanrog
Master\u0027s Degree
971 satisfied customers
I am going to sell some business equipment and owner finance
I am going to sell some business equipment and owner finance it. I will keep title to it until paid (3 years). Who can claim depreciation on it for those three years?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
It's a little convoluted...but here goes. I have an LLC with
It's a little convoluted...but here goes. I have an LLC with a partner - we own it 50/50 - ABC, LLC. We want to have produced and distribute a product - Lightning. We're waiting for ABC to get license… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am the trustee and a participant in a self-directed 401k
I am the trustee and a participant in a self-directed 401k for my small business. Right now, all the deposits go to a Schwab account, I'd like to buy real estate. How do I do that without causing a wi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I went to a financial meeting last night to listen to a
I went to a financial meeting last night to listen to a group called Cambell Financial Group! He says they t … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
I also have another query. Do I have to declare tax after I
I also have another query. Do I have to declare tax after I make $400 or $600?Doing research I hear it's either one of those numbers. Which one is the definitive?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
I purchased a concrete mixer that attaches to a skid loader
I purchased a concrete mixer that attaches to a skid loader for $6,900. Can i depreciate the entire balance in the first year? If not over what period of time can I depreciate this fixed asset?… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I don't have a tax question I have a bookkeeping question
I don't have a tax question I have a bookkeeping question regarding intercompany receivables/reimbursements … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I just went through a divorce and I want to give $10,000
I just went through a divorce and I want to give $10,000 dollars to a friend in need. I know I can't use it as a deduction but overall how will it affect my taxes next year? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
Is margin interest expense an itemized deduction item
Is margin interest expense an itemized deduction item (Schedule A, form 1040)? If so, if I choose standard deduction instead of itemized deduction, do I lose my margin interest expense? If I can't ded… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
First time pay my bill with charge card. Hp. Can you show me
good morning first time pay my bill with charge card … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,263 satisfied customers
I need to create a accounts receivables Roll Forward and
I need to create a accounts receivables Roll Forward and don't know where to start … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
132 satisfied customers
I have a business and want to hire a person as an
I have a business and want to hire a person as an independent contractor. On a regular basis.They want to be paid bi-weekly by check. They are a single operator. Do they fill out a receipt for service… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,377 satisfied customers
One more question if you don't mind. Just out of curiosity
One more question if you don't mind. Just out of curiosity even though my non consumer debts are around 85% actually including my medical bills, my ministers allowance is broken up as salary and as a … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I have a small business and just started patrolling myself,
Hi, I have a small business and just started patrolling myself, and two employees. I am not at all familiar with the process but when I get paid from a client, I run payroll for myself about once a mo… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I'm trying to fill out an application to rent a house and
I'm trying to fill out an application to rent a house and they are needing the Social Security benefits letter that was issued showing how much I will receive from my deceased husbands benefits. I can… read more
Andy4712
Andy4712
Attorney
Doctoral Degree
113 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x