Utah Property Tax: County’s tax rates

Utah Property Tax: County's tax rates

Property Tax – Utah Any person who owns real estate in Utah is also liable for Utah property taxes in addition to state income taxes. Real estate tax regimes impose financial obligations on land and building owners depending on the value of their properties. State real estate taxes vary across the U.S., with Utah’s likely […]

Filing business taxes for LLC for the first time?

A comprehensive guide for filing business taxes for LLC for the first time

Filing business taxes for LLC for the first time? Your options for filing federal income tax on business income expand if you form a limited liability corporation (LLC). The tax reporting requirements you must follow will be directly affected by your decision. For tax purposes, the Internal Revenue Service treats LLC either as a corporation, […]

How To Calculate Gross Income Like A Pro

Professional gross income calculation

Understanding how to calculate gross income is a fundamental skill for both individual and business. It forms the basis for financial assessments, tax computations, and effective budgeting. In this comprehensive guide, we’ll walk you through the essential concepts and instructions to accurately determine your gross income, whether you’re a salaried employee, a business owner, or […]

1099-NEC vs 1099-MISC: Know the Differences, Maximize Your Benefits

1099-NEC vs 1099-misc

When it comes to annual tax filings, understanding the differences between form 1099-NEC vs 1099-MISC is crucial for businesses and self-employed individuals alike. Both forms serve distinct purposes, and using the correct one can help maximize benefits while avoiding potential penalties. In this comprehensive guide, we’ll delve into the details of 1099-NEC and 1099-MISC, covering […]

Tax Extension Deadline 2023: What You Need to Know

Tax extension dealines 2023

Tax extension deadlines are a common question that was asked by our customers! Tax season is a time of year that most individuals and businesses alike approach with a mix of anticipation and trepidation. It’s a period when we gather our financial records, fill out complex forms, and hope for the best when it comes […]

What Happens If You Get Audited And Don’t Have Receipts?

What to do when being audited by IRS and no receipts are available

As tax season approaches, you gather financial documents to file tax returns. But what happens if you receive an audit notice from the Internal Revenue Service (IRS) and need receipts to support your claimed expenses? It can be a nightmare scenario, and many taxpayers wonder what to do. In this blog post, we’ll discuss the […]

Form 8594: Simplify Your Acquisition Process

Understanding Fair Market Value

Imagine this: You’re standing on the cusp of a thrilling adventure, poised to acquire a new business or a rich portfolio of assets. But before you step into this uncharted territory, there is one companion you need by your side – Form 8594. This isn’t just a mere document; it’s the compass guiding your journey […]

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