TAXES & LICENSES
Personal Property Tax
Did you know the property you own like your car, boat, motorcycle, etc. may be subject to state or local taxes? These taxes are known as personal property tax. Typically, personal property tax is assessed annually and based on the value of certain personal property you own, including assets used in your business. If you paid personal property taxes last year you may be eligible to deduct the payments you made on your tax return. This deduction may be applicable for both business owners and normal 9 to 5ers, the only difference being where you claim the deduction. In 2020, the government limited the total amount of state and property taxes you can deduct to $10,000.