LaRue Medlin
Well-Known Member
My 2008 work van,,,,,,, :fire:If I paid $192 in taxes last year, and this years bill is $315,,,, how much of an outrageous increase is this?:fire:
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Math question
- Thread starter LaRue Medlin
- Start date
Help Support Ford SportTrac Forum:
315/192=1.640625
1.640625 is 164.0625% increase.
Actually 64% over last year, but adding the 100% makes it sound worse.
Tom
1.640625 is 164.0625% increase.
Actually 64% over last year, but adding the 100% makes it sound worse.
Tom
EddieS'04
In Memoriam 1950-2022
315-192=123
123/192= .640625.....64%
123/192= .640625.....64%
LaRue Medlin
Well-Known Member
Thanks, 1-2 percent I can see,, but 64????????????:fire::fire::fire:
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City & County = Sitting & Counting :argue:
I'm paying $390 C&C annual registration fees for my ST that's driven less than 6K per year. :angry:
I'm paying $390 C&C annual registration fees for my ST that's driven less than 6K per year. :angry:
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LaRue,
The question is: Is this the Business taxes, or the Vehicle registration Taxes?
Some states tax the vehicle based on retail value, other based on weight, etc. I would suspect that they raised the Tax Rate on Businesses, or the Vehicles? If it's taxes on Business or property, you can often protest the increase and at least find out what their justification is. I have had my property tax on my (old) home reduced when the tax appraisers got behind schedule and never actually visited my neighborhood to make an accurate appraisal. I was able to prove that their appraisal was way to high based on the selling price of the house next door to me.
So sometimes its worth the time to find out how they came up with their increased taxes and often times they are just wild-ass guesses that they cannot backup with facts, and they will often reduce YOUR taxes rather than admit they were wrong to the whole community.
...Rich
The question is: Is this the Business taxes, or the Vehicle registration Taxes?
Some states tax the vehicle based on retail value, other based on weight, etc. I would suspect that they raised the Tax Rate on Businesses, or the Vehicles? If it's taxes on Business or property, you can often protest the increase and at least find out what their justification is. I have had my property tax on my (old) home reduced when the tax appraisers got behind schedule and never actually visited my neighborhood to make an accurate appraisal. I was able to prove that their appraisal was way to high based on the selling price of the house next door to me.
So sometimes its worth the time to find out how they came up with their increased taxes and often times they are just wild-ass guesses that they cannot backup with facts, and they will often reduce YOUR taxes rather than admit they were wrong to the whole community.
...Rich
LaRue Medlin
Well-Known Member
I went to the tax office and here is what they said.... For the past 5 years, they have been taxing my van as a personal vehicle. Someone caught the fact the van is in my company name, soo.... They have corrected the problem and I am now being taxed as a business which is 10% higher than an individual. But the good part is they cannot go back and re-tax the previous years. My last payment is next month so I think once I get my title and cannot deduct my van payments on my taxes anymore, I am going to put it in my name only. There is more than one way to beat the government hord!:haveabeer:
Kevin Lang
Well-Known Member
I thought you were in South Carolina, the last bastion of common sense on the East Coast. I guess the idiots down there who elected "Gramnesty" are also involved in the tax code.
What the heck is this tax anyhow? Are they making you pay for the privilege of having a vehicle, outside of tag fees and registration?!
What the heck is this tax anyhow? Are they making you pay for the privilege of having a vehicle, outside of tag fees and registration?!
LaRue Medlin
Well-Known Member
KL, YES, we pay property tax on vehicle! boats! campers! even outside storage sheds, just for the privilege to own the stuff.
Taxes in this state suck!
Taxes in this state suck!
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LaRue,
I suspected there was some issue with Business taxes. When I owned the LeverLift company, Texas would send me a form requiring me to state how much business related propery and inventory I had on hand or on order and paid for as of December 31st of each year. That's why I had big sales and discounts before Christmas so I could order the parts I needed and get my inventory cleared before the end of the year and not take any orders or have any inventory until after the new year. The tools and equipment was not a big issue since it was not too expensive, and I could depreciate it. You need to look at depreciating your van since it is for business, but it often requires that you buy it in the year you start to depreciate it. Hmmm? sounds like a good reason to trade up to that Transit Van you've had your eye on for the past few years..:grin:
Just remember that you can depreciate almost all your tools and equipment you use in your business. Sometimes you can depreciate the item in the first year, or sometimes it's better to depreciate it over 7 years.... your tax adviser can determine which is best depreciation method for each piece of equipment. That choice has to be made in the beginning and cannot be changed later, however each item can use a different depreciation method that best suits your situation...again, a tax advisor should be able to tell you what is the best depreciation method for you.
...Rich
I suspected there was some issue with Business taxes. When I owned the LeverLift company, Texas would send me a form requiring me to state how much business related propery and inventory I had on hand or on order and paid for as of December 31st of each year. That's why I had big sales and discounts before Christmas so I could order the parts I needed and get my inventory cleared before the end of the year and not take any orders or have any inventory until after the new year. The tools and equipment was not a big issue since it was not too expensive, and I could depreciate it. You need to look at depreciating your van since it is for business, but it often requires that you buy it in the year you start to depreciate it. Hmmm? sounds like a good reason to trade up to that Transit Van you've had your eye on for the past few years..:grin:
Just remember that you can depreciate almost all your tools and equipment you use in your business. Sometimes you can depreciate the item in the first year, or sometimes it's better to depreciate it over 7 years.... your tax adviser can determine which is best depreciation method for each piece of equipment. That choice has to be made in the beginning and cannot be changed later, however each item can use a different depreciation method that best suits your situation...again, a tax advisor should be able to tell you what is the best depreciation method for you.
...Rich
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marlon giese
Member
What is the difference between Death and Taxes?
Your taxes is the one that goes up every time your legislature meets!
Your taxes is the one that goes up every time your legislature meets!
