Kansas Sample Letter to City Clerk regarding Ad Valorem Tax Exemption
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How to fill out Sample Letter To City Clerk Regarding Ad Valorem Tax Exemption?
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FAQ
Only goods or merchandise intended for resale (inventory) are exempt. Tools, equipment, fixtures, supplies, and other items purchased for business or personal use are TAXABLE since the buyer is the final consumer of the property.
Government Exemptions Property used exclusively for state, municipal or political subdivision purposes, including leased vehicles if leased for a period of at least one year and property leased for medical services and certain property funded by industrial revenue bonds, up to 10 years.
In fact, in some states, inventory carries additional taxes, though the exact amount varies by location. This means that inventory is one of those expenses that is very difficult to offset come tax time, and you need to be aware of how much you can afford to keep.
To claim exempt status on purchases, the qualified entity and organization must be authorized by statute and provide to the retailer a department issued Tax Entity Exemption Certificate. The certificate must be completed and signed by an authorized agent of the organization and presented to the seller.
Some goods are exempt from sales tax under Kansas law. Examples include farm machinery and equipment, prescription drugs, and some medical devices.
Inventory affects a company's taxable income by reducing the amount of revenue that is subject to taxation. By deducting the cost of goods sold from revenue, businesses can lower their taxable income and, thus, their tax liability.
Inventory Tax Exemption All merchants' and manufacturers' inventories have been exempt from property taxes by constitutional amendment since 1989 (K.S.A. 79-201m).
How do I value my inventory for tax purposes? Your inventory should be valued at your purchase cost. Items that cannot be sold or are "worthless" can be taken out of inventory, and the loss is reflected as a higher cost of goods sold on your tax return. (You have the cost of the item, but no revenue for the sale).
