When it comes to personal property taxes, there are plenty of hard-to-understand terms.

You may hear phrases like business tangible personal property, depreciation pools and 30 percent floor. But what do they really mean?

Then, of course, there are the oh-so-confusing forms. How do you know whether you should complete a Form 102, 103, 104 or 106? Not so sure? Well, you're not alone.

Right about now, you're probably trying to dig up the number of your favorite accountant ... but wait! Maybe you could just ask for an extension? Surely that would give you enough time to figure it all out on your own, right? On the other hand, what if you miss the deadline, or worse -- what if you don't file at all? What will happen? What kinds of consequences will you face?

Let's face it: completing personal property paperwork can be just as complicated as filing your income tax returns. Although there is talk of doing away with personal property taxes altogether, no changes are in place yet. For now, you and the rest of corporate America simply must sharpen your pencils and muddle through all those forms.

In the meantime, we've kindly answered a couple of hot-button questions for you. Or, if you decide you'd rather not worry about trying to figure it all out on your own, just give us a call. We would be more than happy to take care of this for you.

What is business tangible personal property?

Indiana taxpayers must report all tangible property used in their business or trade, used for the production of income, or held as an investment that is subject to depreciation for federal income tax purposes. Some examples: farm, manufacturing and office equipment.

Who determines the value of such property?

You do. Taxpayers must assess the value of their own personal property. The county assessor's office later checks all assessments for accuracy.

What is the deadline to file?

You must complete all personal property paperwork by May 15. If you think you will need more time, submit a written request for a 30-day extension to your county assessor. Keep in mind that extensions are not always granted, so it's wise to do this early in the process.

Which forms do I need to use?

The Indiana Department of Local Government Finance lists the various forms at its website. (You can find a link to the general DLGR page on Integrity's website, as well.)

What happens if you miss the deadline?

If you file late (without having been granted an extension), you must pay a $25 fine.

Still feeling overwhelmed? Don't worry -- we'd be happy to help you figure it all out. Give us a call at (888) 870-8211 or shoot us an email at info@integritytax.com.