TAXES!

TAXES!

Eric Wilmot, Director Marketing & Technology

 

 

 

 

 

 

 

 

Do I have your attention?

It’s this same time each year that rail shippers fall into one of three categories:

  • “I’m so glad I did my taxes on time.”

  • “Taxes again? But I just did them last year!”

  • “Taxes? Isn’t that a southwestern state with a lot of oil fields and longhorn cattle?”

The Internal Revenue Service is a lot like an elephant- it never forgets, and you can’t stop it from charging by standing idle. Personal taxes are one thing, but what about railcar taxes? The carriers are obligated to provide the aggregated mileage each private rail mark has traveled in all states. Some require filing an ad valorem tax report annually with a variety of deadlines, forms, and requirements. Thus begins the arduous process of calculating the taxes owed to those states. So what should you do if you own private equipment and have not file your taxes? We’ll get to that in a moment.

First let’s review the basics of railcar property taxes. Each state has a due date for filing, and for some states this date has already passed. Likewise, the forms and process may vary from state to state, so completing for one state will not necessarily allow you to duplicate the information for another. Since it is designated by state it essentially replaces local property taxes and one must use total mileage vs. miles travelled in-state to arrive at a taxable value amount. Of course, this overly simplistic explanation does little to indicate the nuanced and sometimes complicated process involved.

So, do you find yourself among group 1 or 2 above? IHLG has years of experience providing rail property taxes for our clients. We know those nuances and how to navigate those complications. Some clients are unaware of the requirement to file while others had attempted to perform the task in-house with poor results. We are still accepting new clients for rail property tax services and not a moment too soon. If you are a private car owner and have not filed, you are already late. Call Dennis at (330) 617-4104 or CLICK HERE to explain your needs.

We’ll be happy to help you graduate to group 1.

By | 2018-03-19T14:50:10+00:00 March 19th, 2018|logistics|0 Comments

About the Author:

Eric Wilmot has held the position of Director Marketing & Technology since January of 2016. Eric grew up in the Cleveland area and attended Full Sail University in Orlando, FL, where he graduated with a AA in Film & Video Production. After working on films, television and music videos Eric was Director Event Technology for PSAV Presentation Services before joining Iron Horse in 2011 as Logistics Analyst. He has also held positions as Logistics Account Manager and Manager Support Services prior to his recent appointment. Eric and Justine have three daughters- 10, 7 and 20 months- and one son age 5.

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