Category: Tax Tips

Even successful small businesses can run into trouble when it comes to taxes. Many of the most common mistakes are not intentional—they come from missing information, outdated assumptions, or waiting too long to plan.

At McKay Tax & Accounting in Roy, Utah, we have helped business owners across Weber County navigate these challenges for over 40 years. Understanding what to avoid can save time, money, and unnecessary stress.

Mixing Business and Personal Expenses

One of the most common issues is failing to separate business and personal finances. This can create confusion, limit deductions, and raise red flags if records are unclear.

Missing Deductions

Many business owners either overlook deductions or are unsure what qualifies. Expenses like mileage, software, equipment, and home office use are often underreported, leading to higher tax liability than necessary.

Poor Recordkeeping

Waiting until tax season to organize receipts and expenses increases the chance of errors. Consistent, year-round tracking makes filing easier and more accurate.

Not Planning for Quarterly Taxes

Businesses that do not plan for estimated quarterly payments can face penalties and cash flow issues. Setting aside funds throughout the year helps avoid surprises.

Misclassifying Workers

Incorrectly categorizing employees and independent contractors can lead to compliance issues and potential penalties. It is important to understand the distinction and apply it correctly.

Relying on Outdated Information

Tax laws change regularly. What worked last year may not apply this year, especially with new deductions, credits, and phase-outs.

Waiting Until the Last Minute

Filing at the last minute limits your ability to make strategic decisions. Proactive planning allows for adjustments that can improve your overall tax position.

Why Local Guidance Matters

Working with a Roy, Utah tax professional who understands both federal tax law and the needs of Weber County businesses can help you avoid costly mistakes and identify opportunities to save.

McKay Tax & Accounting provides personalized tax preparation, bookkeeping, and year-round planning for individuals and businesses throughout Northern Utah.

A Smarter Approach to Taxes

Avoiding mistakes is not just about compliance—it is about building a stronger, more stable business. With the right support and preparation, tax season becomes more manageable and far less stressful.

Running a small business in Weber County comes with opportunity—but also responsibility, especially when it comes to taxes. With changing regulations and increasing complexity, having a clear tax strategy can make a meaningful difference in your bottom line.

At McKay Tax & Accounting in Roy, Utah, we have worked with local businesses for over 40 years. Whether you are just starting out or managing an established company, these tax tips can help you stay organized, compliant, and financially prepared.

Keep Clean, Consistent Records

Accurate bookkeeping is the foundation of effective tax planning. Tracking income and expenses throughout the year—not just at tax time—helps ensure nothing is missed and reduces the risk of errors.

Separate Business and Personal Finances

Using dedicated business bank accounts and credit cards simplifies recordkeeping and strengthens your position in the event of an audit. It also provides a clearer picture of your business performance.

Understand Deductible Expenses

Many everyday business costs may be deductible, including supplies, software, mileage, equipment, and certain home office expenses. Knowing what qualifies—and documenting it properly—can significantly reduce taxable income.

Take Advantage of Retirement Contributions

Options like SEP IRAs or Solo 401(k)s allow business owners to save for the future while lowering current tax liability. These strategies can be especially valuable for self-employed individuals.

Plan for Estimated Taxes

Small business owners are often required to make quarterly estimated tax payments. Planning ahead helps avoid penalties and keeps cash flow more predictable throughout the year.

Stay Ahead of Tax Law Changes

Tax rules continue to evolve, with updates affecting deductions, credits, and business write-offs. Staying informed—or working with a professional—can help you take advantage of opportunities while remaining compliant.

Work with a Local Tax Professional

Partnering with an experienced tax professional in Roy, Utah, who understands both federal regulations and the needs of local businesses can provide peace of mind and strategic insight. McKay Tax & Accounting offers personalized support for small businesses across Weber County, including bookkeeping, tax preparation, and year-round planning.

Looking Ahead

Strong tax planning is not just about filing a return—it is about making informed decisions throughout the year. Taking proactive steps now can help your business stay organized, reduce stress, and maximize financial outcomes.

For guidance tailored to your business, McKay Tax & Accounting is here to help.

As tax season approaches, many individuals and business owners in Ogden, Utah, begin gathering documents and preparing to file their taxes. However, a few simple steps taken before filing can significantly improve accuracy and potential tax savings.

At McKay Tax & Accounting, we work with clients across Weber County every year who want to avoid last-minute stress and make informed financial decisions. Here are a few key things Ogden residents should consider before filing their 2025 taxes:

1. Gather All Income Documents Early

Make sure you have all W-2s, 1099s, investment statements, and any additional income records. Missing documents can delay your return or lead to corrections later.

2. Review Potential Deductions and Credits

Changes for 2025 may impact standard deductions, child tax credits, and other opportunities. Understanding what you qualify for ahead of time helps ensure nothing is missed.

3. Organize Business Expenses

For small business owners in Roy City and Weber County, properly categorized expenses can significantly reduce taxable income. Clean records make the process smoother and more accurate.

4. Consider Retirement Contributions

Contributions to IRAs and other retirement accounts may still be available before filing and can help reduce your tax liability.

5. Plan Ahead for 2026 Changes

With upcoming tax law changes, now is a good time to think beyond this year’s return and start planning strategically.

Local Expertise Matters

Working with a local Ogden, Utah CPA means you have someone who understands both federal changes and how they impact individuals and businesses in this area.

McKay Tax & Accounting has been serving the Ogden community for over 40 years, providing personalized tax preparation, bookkeeping, and year-round tax planning.

Schedule Early

Appointments fill quickly during tax season. If you are looking for guidance or want to ensure your taxes are handled accurately, it is best to schedule early.

April 1

File with the IRS if you’re an employer that will electronically file 2018 Form 1097, Form 1098, Form 1099 (other than those with an earlier deadline) and/or Form W-2G.

If your employees receive tips and you file electronically file Form 8027.

If you’re an Applicable Large Employer and filing electronically, file Forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage filing electronically, file Forms 1094-B and 1095-B with the IRS.

April 15

If you’re a calendar-year corporation, file a 2018 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

Corporations pay the first installment of 2019 estimated income taxes.

April 30

Employers report income tax withholding and FICA taxes for the first quarter of 2019 (Form 941) and pay any tax due.

May 10

Employers report income tax withholding and FICA taxes for the first quarter of 2019 (Form 941) if you deposited on time and fully paid all of the associated taxes due.

June 17

Corporations pay the second installment of 2019 estimated income taxes.

There are 21 different institutions of higher learning within a mere 50 miles of Ogden, Utah. Many of the students attending Weber State University, Stevens Henager College, Broadview University Layton, and other schools will be filing their own taxes for the first time in their young lives.

If you’re among one of those first-time tax filers, don’t panic: We’re here to help. These tips can help you glide through the tax-filing process with ease.

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If you’re a freelancer in Salt Lake City, you know that it’s important not to leave money on the table when you do your taxes.

Enter the Qualified Business Income (QBI) deduction. While the Tax Cuts and Jobs Act of 2017 that made some sweeping changes to American taxes have been criticized for being most favorable to big business, the QBI is actually aimed at the smaller entrepreneur and self-employed individual. Here’s what it means for you.

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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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