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.
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.
IRS official tax dates you need to stay on top of your taxes.
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.
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 Overall, new deductions have been added and some old, common deductions have been completely repealed.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.
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.
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.
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.
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.
Many business owners are nervous about the prospect of trying to find affordable medical insurance — for good reason.
In 2018, medical care premiums for businesses jumped 6.5% — which means that many employers are struggling to reduce their costs by picking more affordable plans or reducing the rate of utilization. In order to minimize your expenses and get the coverage that you need, however, you need to understand both how the medical care system works and your options.
Here are the answers to some of the most important questions you may have:
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