I bet that undervaluing the year end inventory was not an unknown sin
and that the IN tax authorities had it fair share of sharp pencilled
auditors working to keep the potential sinners honest :-)
jh
On 7/9/2016 5:30 PM, Paul Braun wrote:
When my wife and I owned our stained glass studio, Indiana has an inventory
tax. That means that every year we had to do a full inventory of all
materials in our store, compute their current value, and we paid tax on
that. If there was some glass that carried over to the next year, we paid
tax on it twice.
So, essentially, a business is being penalized for actually having the
materials that it needs to survive and grow.
Just one of the things I don't miss about owning my own business.
On Sat, Jul 9, 2016 at 3:11 PM, Moose <olymoose@xxxxxxxxx> wrote:
On 7/9/2016 12:01 PM, John Hudson wrote:
.... a "warehouse inventory tax...."
What is that?
The US is a wild place for taxes, with various states and local gov't
entities levying various sorts and rates of income, sales and asset taxes.
Here in CA, the sales tax rate varies by Zip Code.
Property taxes are the most common, almost ubiquitous, form of asset
taxes*. Taxes on the value of vehicles and boats are also pretty common,
although not always named as such when collected together with registration
fees. Taxes on the value of inventories are also levied in some places.
States and localities may produce the same sort of revenues using
different mixes of taxation. There can be considerable distortion of retail
sales patterns at borders. Maine has a sales tax, New Hampshire does not;
hence the large cluster of "outlet" stores and malls in what would
otherwise be quiet little Conway, NH.
--
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