Personal Property Tax 101: What Every Business Needs to Track
BE Informed
In this episode of SALTy Bits, Jared Brown (Partner, Bristol, TN office) sits down with Kim Bell, Senior Manager in the Lynchburg office and member of the SALT team, to break down the often-overlooked world of personal property tax reporting. They cover what qualifies as personal property (tangible business assets like computers, phones, and furniture) versus intangible assets like software, and clarify how the IRS's $2,500 de minimis election affects income tax reporting but not personal property tax returns. Kim shares practical tips for tracking assets — including using barcode software or a simple Excel spreadsheet — and stresses the importance of recording purchase date, cost, and location for each asset, especially for businesses with multiple locations. They also discuss filing deadlines (typically January through March), extension policies, and billing cycles. The takeaway: good record-keeping and accurate location tracking are key to staying on top of personal property tax obligations.
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