Reduce and lower your business property taxes assessment – Los Angeles, CA appeals

Reduce and lower your business personal property taxes assessment – Los Angeles, CA appeals

What Are Business Personal Property Taxes? 571-L Form

Most jurisdictions in the US tax your Business Property and Personal Property used in your business – once per year. Typically, tax rates are reasonable (really?), but many of these cities and counties have suffered revenue shortfalls in recent years, so tax rates have often risen.  But many business owners (particularly new owners) wonder what is taxed and when are taxes due? Businesses should take advantage of our free evaluation to see If they can effectively appeal to reduce and lower their business property tax assessment bill. Call now at 1-877-78-TAXES [1-877-788-2937].

What Is Business Personal Property? Yes, you can appeal! 571-L Form

You are “safe” if you report any business and equipment used to conduct your daily business responsibilities. The items that you own, lease or “control” to accomplish your activities typically subject to taxation, include:

  • Machinery and other equipment;
  • Computer systems and servers:
  • Other business equipment, e.g. dedicated fax machines, photo copiers, digital cameras, etc.;
  • Telephone systems you own or lease;
  • Smartphones the business owns;
  • Furniture, including desks, chairs, credenzas, and bookcases;
  • Office supplies.

Often, jurisdictions tax inventories separately. Some government entities treat inventories as non-business-personal property since these are for sale. It all depends on where you have your home office and your local government Business Personal Property tax rates. These rates may or may not be comparable to your state’s corporate tax rate or real property rates. Businesses should take advantage of our free evaluation to see If they can effectively appeal reduce and lower their business property tax assessment bill. Call now at 1-877-78-TAXES [1-877-788-2937].

When Is Your Business Personal Property Value Calculated? 571-L Form

Your local government specifies the date on which your company’s personal property is assessed. Typically, the usual date is January 1. If your local government taxing entity is on a fiscal year, upon which some local governments operate, there may be a different date, usually on the first day of the new fiscal year. Businesses should always appeal and try to lower their assessment.

Leased Business Personal Property – 571-L Form

In most cases, the local government tax assessor taxes both the lessor and lessee, but not all leases are taxed at the same rate. The legal owner of the property, particularly when you have some business property and equipment on short-term leases, is taxed by their local government tax assessor, but gives the business appeal rights to challenge the assessment and possibly reduce it substantially. Businesses should take advantage of our free evaluation to see If they can effectively appeal reduce and lower their business property tax assessment bill. Call now at 1-877-78-TAXES [1-877-788-2937].

Are There Federal Taxes on Business Personal Property?

Some US states have state-wide taxes on “tangible personal” property your company owns or controls and uses in their everyday operations. However, these are valid tax deductions for your business when you file your company tax return.

The IRS refers to that equipment that is “ordinary and necessary” to conduct business. If that sounds like it lacks details, you’re right. The IRS, which can write pages (if not chapters) on what many tax professionals consider minutiae, is quite vague on exactly what is “ordinary and necessary” business personal property.

Those items you use daily to conduct your business, such as computers and fax machines, are graphic examples of your business personal property and usually qualify as “ordinary and necessary” business personal property. These are typically allowed as federal tax deductions on your company’s federal return.

Businesses should take advantage of our free evaluation to see If they can effectively appeal reduce and lower their business property tax assessment bill. Call now at 1-877-78-TAXES [1-877-788-2937].

Our Los Angeles, California based tax representation firm can assist you with lowering your business property taxes, we serve companies in Los Angeles, Orange County, Riverside, San Bernardino, Ventura, San Diego, and all other California counties, 571-L Form

Client Reviews
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Mike has given us peace of mind! He helped negotiate down a large balance and get us on a payment plan that we can afford with no worries! The stress of dealing with the IRS is huge and Mike helped us through it all. The peace of mind is invaluable, thank you Mike!April S.
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Mike is a true professional. He really came thru for me and my business. Dealing with the IRS is very scary. I'm a small business person who works hard and Mike helped me see that they are not that scary after all. He was always there with the answers I needed and was very good about calling me back which I appreciated since your first reaction is to freak out and ask a million questions. He solved a messy case and worked very hard to resolve it. His rates are VERY reasonable for the amount of work he does! I give him my highest recommendation!Marcie R.
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Mike was incredibly responsive to my IRS issues. Once I decided to go with him (after interviewing numerous other tax professionals), he got on the phone with the IRS immediately (as in the same day I signed with him) to squash an impending issue. And he worked directly with them to quickly come to a resolution I am very happy with. I'd highly recommend reaching out to Mike to see if he can help you with any IRS issues. I'm very satisfied!Marshall W.
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I’ve seen and heard plenty of commercials on TV and radio for businesses offering tax help. I did my research on many of them only to discover numerous complaints and unresolved tax issues. I found Mike Habib through my own online search and contacted him. He was very professional with great communication, always answering my questions and concerns. Mike resolved my complicated tax problem just as he said he would. I would definitely recommend his services to family and friends.Nancy & Sal V.

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