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 an LLC for the First Time: Comprehensive Guide for 2024
Filing business taxes for your LLC can seem daunting initially, but with the right guidance, it becomes a manageable process. This guide will walk you through everything you need to know to successfully file your LLC’s taxes for the first time in 2024. Key Takeaways If you are the only owner of a limited liability […]
How to Calculate Gross Income: Comprehensive Guide for Individuals and Businesses
Understanding how to calculate gross income is a fundamental skill for both individuals and businesses. 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: Comprehensive Guide, Deadlines, and Filing Procedures
Updated Oct 5, 2024 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 […]
Tax Extension Deadline 2023: What You Need to Know
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?
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: Your Comprehensive Guide to Asset Acquisition Statements
Updated on October 5, 2024 Introduction When acquiring a new business or a portfolio of assets, one crucial document stands between you and a seamless transaction: Form 8594. This IRS form, also known as the Asset Acquisition Statement, is essential for accurately reporting the allocation of purchase prices among various asset classes. Properly completing Form […]
