WA State, Snohomish County, Personal Property taxes for a Business?
I have a small business in Snohomish county, WA State. I received a form to fill out for 2009 personal property tax for the business. It is asking me to list all of the items in the building we put in as improvements to run our business, all items gifted, purchased, used or new that are used in the sell or trade of product. Then the form goes on to tell me the county will excess me on the fair market value established by the county and bill me for the taxes due.
I thought everything I purchased or was given was all ready taxed at the time of the sale to me or to the person that gifted it to the business. Why a double tax? (because they can?)
Is there a way around this, has anyone run into this tax before that can tell me what to do?
John
How is your company structured? The tax method depends on the type of business: if you are an LLC you get taxed WAY different than a Sole Prop.
I would STRONGLY advise talking to a Tax Accountant. I know it costs some cash, but you could end up owing the State/Feds a TON of money if you don’t know how to structure your tax system.