Small business owners owe property tax on real estate and often a separate personal property tax on equipment like desks and computers. Missing these filings brings penalties, and exemption limits vary by state and county, so you need to check your local rules.
What are the taxes small business owners need to know about? Property tax. If I own a house, I have a mortgage, I got a property tax. If I have a commercial building, I owe property tax. Sometimes what's often overlooked is what they call personal property tax. Your county will often charge a tax because you're using assets in your business like a desk or chairs or computer equipment. Yeah, Isn't this great? You buy it, you pay sales tax on it, and then your county or city makes you pay an additional tax just because you're using it in your business. I can't tell you what services you actually get from your local government because you're paying them for the right to use something you own in your business. But something that has to happen, you can get penalized if you don't do it. Many states do have what they call an exemption limit. You'll have to check for your local rules on if anything's exempt and how to file and those things.
