Getting Smarter with Your Money for 2017
At this time of year, it is typical for people to make decisions on things they want to improve in the coming year. I find one of the most common resolutions is to be smarter with their money so they have more of it.
That’s a great plan. In this regard, let’s consider nine reasons to ALWAYS pay your sales and use tax when making big purchases, like an aircraft, in 2017:
1.You are a politician and would get recalled if you were discovered to be not paying your fair share
2.You are a private citizen and you believe politicians can do a better job spending the money than you can.
3.The tax is nothing but petty cash to you and you don’t want to do the extra paperwork required to legally avoid the tax.
4.Your corporation is doing well and you don’t want to be attacked by the White House for being a “corporate jet owner”.
5.You are timid and can’t face a tax auditor.
6.Your wife will nag you for taking a “risk”.
7.You got such good deal on your aircraft or vessel you feel like you should share something with the government.
8.Although the Supreme Court of the United States of America has affirmed your right to legally avoid tax you still think it is illegal.
9.The last time you got audited you met a great looking woman that worked for the tax agency and you want to see her again.
(Yes, I’m being facetious!)
If you are planning to purchase an aircraft or vessel in the coming year, it is vital for you to remember a few facts that will save you BIG TIME when it comes to the Sales and Use tax in the State of California.
Fact one: You need a professional trained and experienced in handling Aircraft or Vessel Sales and Use tax in the State of California. It could mean saving tens or hundreds of thousands or more.
Fact Two: The burden of proof in supporting a claim for an exemption rests squarely on the tax payer’s shoulders. The Board does not have to prove anything. The taxpayer must support the claim for a sales tax exemption and must file a tax return. In general, the return is due within twelve months from the date of the transaction. Just because you know that your property was used in an exempt manner does not mean that it is exempt.
Fact three: Aero & Marine Tax Professionals prides itself in having a perfect record of success. Every one of our over 1,300 clients has saved thousands or even hundreds of thousands on their aircraft or vessel purchases.
If you have the slightest discomfort about your tax status for purchases you plan to make or have made any time in the last ten years, I will offer a free analysis of your situation. Go to Free Analysis and fill in the form. Or, call me personally at 916-689-9192. Don’t hesitate to protect yourself.