Tax Exemptions and Reductions
With Tax deadlines right around the corner it’s to file the right paperwork, especially when you own a business. Knowing what exemptions and reductions are available to you can help you save some money.
A few years ago several laws were passed to help reduce or eliminate some costs that come with owning certain types of businesses. The First being the small business tax exemption.
Using the form L-4175 the personal property statement, you itemize possessions and calculate depreciation. If you can claim the exemption you can then use form 5076 and file an affidavit to claim small business tax exemption. Those forms must be completed before February 10th.
The Second option is to claim Qualified Eligible Manufacturing Personal Property.
This is then divided into two categories.
The first is equipment put into use after 2012 and the second is pre-existing equipment placed into use more than ten years ago.
For this you would use form 5278 and that must be completed before February 20th.
If you have further questions it would be important to get into touch with your tax advisor to help you get exemptions and reductions.