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Any suggestions as to how to reduce the amount of tax

Customer Question
Any suggestions as to...

Any suggestions as to how to reduce the amount of tax assessed on inventories in the state of OK and TX beyond free port warehouses?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Oil & Gas service company in the business of tank and equipment fabrication, sales, and installation looking at ways to reduce the amount if tangible personal property tax on its inventories. Facilities located in OK and in TX... two of the few states who impose such tax.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I cannot think of anything more. This would likely apply to businesses who have inventories throughout a business year / cycle and would have inventory at the end of each year.

Submitted: 7 months ago.Category: Tax
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Answered in 1 day by:
11/19/2017
Tax Professional: Shan-Nel Simmons, Enrolled Agent replied 7 months ago
Shan-Nel Simmons
Shan-Nel Simmons, Enrolled Agent
Category: Tax
Satisfied Customers: 43
Experience: Tax Pro and Founder at Nel's Tax Help,LLC
Verified

Some strategies to help reduce your personal property taxes are:

  • See if there are still assets that are on the books (balance sheet) but you have gotten rid of them. Sometimes a company will forget to remove equipment, machinery, or other depreciated assets after they have discarded them
  • Review and reclassify assets life periods. This will speed up their depreciation and consequently lower your property taxes.
  • Review the original invoices for assets. Sometimes people get lazy and just input the entire amount of an invoice without allocating the individual items properly. Some of the original costs recorded could possibly be incorrect

You need a fixed assets evaluation to assist you in lower your personal property taxes. If you are unable to do it, you will need to hire an accountant.

I hope this helps. Enjoy your day and please leave a five star rating. Thanks!

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