Author: Richard McKay

If you’re like a lot of other small business owners in Utah, your family means a lot to you. You’ve worked hard to create an enterprise that will provide for your family’s needs — hopefully, well into the future.

Well, why not put your family to work for you? If you haven’t done it before, the new tax laws that went into effect due to the Tax Cuts and Jobs Act (TCJA) makes it an even better idea than ever!

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Entrepreneurs looking for the right place to launch a company these days would be crazy to ignore what’s happening in Utah. The area known as Silicon Slopes — which includes Salt Lake City, Lehi, Provo and Park City alike — is rapidly emerging as the new national hub for both mega-companies and startups alike.

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Ogden, Utah, has a lot to offer entrepreneurs. From its beautiful historic architecture on 25th street and loads of gorgeous mountain scenery to its comfortable affordability and housing, freelancers and other self-employed professionals have every reason to love the city and all its surrounding locations. It’s the perfect place to launch your business and turn your dreams into a livelihood.

However, tax problems can derail your plans before you get very far if you make a serious mistake — and taxes for the self-employed can be complicated. At tax time, a lot of self-employed people start having their friends who only have a few W2s to file (and we don’t blame them).

Let’s talk about some of the most important things you need to know about your taxes if you’re self-employed.

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IRS official tax dates you need to stay on top of your taxes.

2019 Federal Legal Holidays

• January 1 – New Year’s Day
• January 21 – Martin Luther King Jr.’s Birthday
• February 18 – Washington’s Birthday
• April 16 – District of Columbia Emancipation Day
• May 27 – Memorial Day
• July 4 – Independence Day
• September 2 – Labor Day
• October 14 – Columbus Day
• November 11 – Veterans’ Day
• November 28 – Thanksgiving Day
• December 25 – Christmas Day

2019 E-File Dates

• January 28 – First day to e-file and first IRS acknowledgements of e-filed returns
• April 15 – Last day to e-file timely returns and extension requests
• April 21 – Last day to retransmit rejected timely filed returns and extensions
• June 17 – Last day to e-file timely extension request for overseas taxpayers
• October 15 – Last day to e-file returns that received 6-month extension
• October 22 – Last day to retransmit rejected late or extension returns

Important 2019 Tax Dates

• January 10 – Report tips of $20 or more to employer
• January 15 – Make last 2018 estimated tax payment
• February 11 – Report tips of $20 or more to employer
• March 11 – Report tips of $20 or more to employer
• April 10 – Report tips of $20 or more to employer
• April 15 – Due date to file calendar year 2018 tax returns or request an automatic 6-month extension of time to file. Pay any tax that is due, even if you file a 6-month extension of time to file.
• April 15 – First 2019 estimated tax payment due
• May 10 – Report tips of $20 or more to employer
• June 10 – Report tips of $20 or more to employer
• June 17 – Second 2018 estimated tax payment due
• July 10 – Report tips of $20 or more to employer
• August 102– Report tips of $20 or more to employer
• September 10 – Report tips of $20 or more to employer
• September 16 – Third 2018 estimated tax payment due
• October 10 – Report tips of $20 or more to employer
• October 15 – Final due date to file calendar year 2017 tax returns for taxpayers who received a 6-month extension
• November 12 – Report tips of $20 or more to employer
• December 10 – Report tips of $20 or more to employer

Hi Business Clients!

I’ve pieced together all of the forms and calculators you should need to be ready for filing your 2018 business taxes.

The attached Corporate and LLC guidelines and other various forms are to help keep your corporation valid with the state and the federal government in addition to tax planning.   If you do not have a corporate book (Corporation) we can tell you where to obtain one.

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It’s that time of year again!  Tax season.

We talked a little bit about this in last year’s newsletter.  But here is a reminder —

The Tax Cuts and Jobs Act of 2017 brought on the biggest changes in tax law history.  Overall, new deductions have been added and some old, common deductions have been completely repealed.

Below, I will highlight some of the big changes for the 2018 tax year — both for Individuals and for Businesses. Please give me a call if you have questions.

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Some people like to hand off their taxes to someone else to file, while some people prefer to handle it themselves. If you fall into the “Do-It-Yourself” category, you’ll appreciate the fact that McKay Tax & Accounting makes it easy for you — and we’re here to help you navigate the process through our site.

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We have a list of important dates from now through the end of the year whether you’re an individual, an employee, or a business!  Be sure to add these important dates to your calendar.

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When you establish a business, one of the first things you need to do is decide on the business structure. The most common types are sole proprietorship, LLC, LLC acting as an S-Corp, and S-Corp. Your decision will impact many things, including your capability to raise money, your control over business operations, and the amount you pay in taxes. Understanding the differences to compare the advantages and disadvantages of each option is the best way to ensure you make the right choice.

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No matter whether you choose to take standard or itemized deductions, you will pay federal tax on a smaller amount of your income. However, one will likely lead to a greater deduction than the other, depending on your situation.

Most taxpayers choose to take the standard deduction. As it is based on a fixed amount, it is a much faster process. For itemized deductions, in contrast, you need to list each eligible expense. If you have few or no expenses that qualify you for itemized deductions, the standard deduction will be the better option for you.

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