There are four levels of knowledge: Know: I know how old I am. Know about: I know about how old you are. Know you don’t Know: I know I don’t know how to fix an electrical issue at my house. Don’t know you don’t know: I think I know something I really do not know. Where do you fit in? Sorry to say, when it…
If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…
Click here for the pretty version of understanding your insurance. by guest Kellie Scott With the 2015 Open Enrollment approaching, we want you to be prepared. Did you know? To have a health insurance plan start on January 1, 2015 you must enroll between November 15, 2014 and December 15, 2014. Did you know? To get great coverage you don’t have to pay for the most…
Before the holiday season of Thanksgiving and Christmas get too crazy, it would be good to take some time and see if you can minimize your tax burden for 2014. Once December 31 is passed, 2014 is locked in. As a disclaimer to the info below, there are a ton of popular tax rules that expired at the end of 2013 that congress may still…
Weren’t the pre ObamaCare days wonderful? No one argues that the insurance system was broken (it still is by the way). But at least the rules of providing insurance to employees and what was deductible and not deductible were clear. In the past, as a business owner you could utilize a section 105 medical reimbursement plan to make your medical expenditures a tax write off. …
We had a client buy a piece of equipment for his business. This piece of equipment happens to be handicap accessible. So we looked into it and there happens to be a tax incentive in doing this. IRS code sections 44 and 190 explain how a business owner can get a tax credit and/or tax deduction if they improve accessibility to their facility. So let…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
Incite Tax believes in sticking it to the IRS. If you’re looking to better your financial situation contact us!
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