IRS Form 990: A Complete Guide for Non-Profit Tax Compliance 2024
Key Takeaways IRS Form 990 is an annual return that tax-exempt organizations must file to maintain transparency. There are different versions of Form 990 based on the size and type of the organization. Filing deadlines are crucial; missing them can lead to penalties or loss of tax-exempt status. Accurate and complete information is necessary to…
Utah Property Tax: County’s tax rates
Owning real estate in Utah comes with the responsibility of paying property taxes, a crucial source of funding for essential public services. These taxes are levied on land and buildings based on their assessed value. While property taxes are a significant expense for homeowners, it’s important to remember that Utah has relatively low property tax […]
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: A Comprehensive Guide for Individuals and Businesses
Understanding gross income is crucial for managing personal finances and running a successful business. This guide provides a clear breakdown of how to calculate gross income accurately, whether you’re an individual or a business owner. What is Gross Income? Why is Gross Income Important? Knowing your gross income is essential for: Calculating Gross Income Entity […]
1099-NEC vs 1099-MISC: Comprehensive Guide, Deadlines, and Filing Procedures
Use Form 1099-NEC for independent contractors and Form 1099-MISC for miscellaneous payments.
Tax Extension Deadline 2025: Don’t Miss the Date!
Tax season is here, and we know it can be a busy time. Between gathering all your documents and making sure everything is accurate, it’s easy to feel a bit overwhelmed. But don’t worry—if you need more time to file, you’re not alone! The IRS offers a tax extension that gives you until October 15, […]
Facing an IRS Audit Without Receipts? Here’s What to Do
Learn how to navigate an IRS audit even without receipts, utilizing the Cohan Rule, alternative documentation, and expert guidance from XOA TAX.
Navigating Form 8594: A Comprehensive Guide for Business Acquisitions
This comprehensive guide explains IRS Form 8594, detailing its requirements, the seven asset classes, the residual method, tax implications, and potential penalties for non-compliance, helping businesses navigate the complexities of asset acquisitions.
