Video instructions and help with filling out and completing Where Form 4797 Tangible

Instructions and Help about Where Form 4797 Tangible

Welcome to the Alachua County property appraiser tangible Department we have created this presentation to assist you in filling out and filing your tangible personal property tax return also called form dr - 4:05 your tax return is due to the property appraiser's office no later than april 1st of each year late filed returns are subject to severe penalties and the loss of the tangible exemption which is up to $25,000 of assessed value all businesses are required to file the tangible personal property tax return unless the filing requirement has been waived by the property appraiser to qualify for a waiver the business must file their return on time and have a just value of $25,000 or less businesses that have been waived from filing are notified by postcard by February 1st of each year it is the responsibility of the business to file a tangible return if the just value increases above $25,000 in a given tax year tangible personal property includes everything other than real estate that is owned or used by the business tangible personal property includes but is not limited to furniture machinery and equipment signs leasehold improvements leased or loaned equipment and supplies equipment that is fully depreciated on the company's books but remains in possession of the business must be reported property that is personally owned but used in the business must also be reported additionally certain business owners especially heavy equipment contractors who own rent or lease equipment that require a class 94 license tag must report that equipment class 94 vehicles are those vehicles that function as tools themselves and require a specialized tag to move from one job site to another examples of class 94 vehicles include mobile cranes bucket trucks well drilling rigs and vacuum trucks if you are unsure whether your vehicle qualifies as a class 94 vehicle contact the property appraiser's office for clarification tagged vehicles are not considered tangible personal property however equipment attached to the vehicle to perform a service is considered tangible personal property examples include generators tanks toolboxes ladder racks GPS trackers and storage tanks now we'll walk through filling out a typical tangible personal property return and don't forget this return is due to the property appraiser by April 1st to avoid penalties for returning businesses the tangible account number and filing year will be listed already for new businesses the property appraiser will provide an account number for you and the filing year is simply the current year here you will enter the federal employer identification number if you know your North American industry classification system number enter it here enter your business name or DBA the corporation name and business mailing address if you need to make any changes or Corrections from the prior year please do so and indicate this on the form fill in sections 1 through 8 section 9 will only need to be completed if the business was sold or closed complete schedule 1 if you hold equipment belonging to others that is if your business is leasing borrowing or renting equipment complete schedule - if there is equipment owned by you but rented leased or held by others schedule 3 is where you will list all assets owned by the business if you have filed a previous year return all of those assets will appear on the form new businesses will need to list all assets complete all of the columns to the best of your ability for each asset include a brief description the year that it was purchased the quantity and the age of the asset in years and remember that the more information you provide for each asset the more accurately the property appraiser can assign a value to it you will also list whether each asset is in good average or poor condition please note that any condition other than average will need to be explained in the rightmost column the original installed cost is the price the business originally paid for the asset this amount should include shipping costs taxes and installation fees and the tax payers estimate of fair market value is simply that your estimate of the current dollar value of the asset from year to year you will mark whether each asset has either stayed the same changed in some way been removed or is a new addition to the list if this is your first time filing all assets will qualify as additions sometimes multiple assets are listed together under a single heading for instance you may have a set of telephones that originally cost $100 if during the year one of those phones is removed from the system the original value of the remaining phones in this case $50 would belong in the adjusted original installed cost column schedule 3 is also where you list supplies this value is an estimate of your average supplies expenditure for a typical month once you complete schedule 3 return to the front page and add your signature your printed name and the date your return is considered incomplete without this signature if you are signing on behalf of the taxpayer you must attach an agent of authorization letter and remember a complete return must be received in our office on or before April 1st to avoid penalties please feel free to contact our office if you need further assistance