Life is busy enough and being the owner of a business adds another layer of stress on top of it. And now being tax season, you’ve got a year of financials to catch up on just to file your taxes and then somehow come up with the huge chunk of cash to pay it. If you’ll follow the guidance bellow, you will have enough cash…
It’s January, and you know what that means. 2020 is now in the past and it’s time to start gathering your documents and preparing for a smoother tax season. I know, the word TAX should be a 4-letter word, but it is a necessary evil. Whether you’re an individual, a sole proprietor or small business owner, you need to file your taxes Every. Single. Year….
One of the 4 core principles of the Profit First cash flow management system is called smaller plates. Those smaller plates are multiple bank accounts all for your one business. The Profit First accounts are for things like owner’s pay, profit, operating expenses, etc. The idea is it keeps you from overspending on things and gives you a way to save for certain things as…
As a company we prefer to stay politically neutral. That becomes extremely difficult as tax experts when tax policy becomes a political tool on both sides of the isle. That being said, we usually disagree with any sort of tax increase. They just go counter to our mission to save small businesses from paying too much in taxes. Perhaps more importantly is the impact you…
We got this question from one of our gym owners the other day. “Wait. I have to file property taxes on my equipment?” And unfortunately, the short answer is… Probably. I’ll get to that later. We’ve all heard the familiar quote, “Nothing is certain, except death and taxes.” Even The Game of Life makes you pay taxes. Except the board game…
The proper business entity will save you tons on taxes. Let’s start with why. Why would corporations and LLCs be good for small business taxes? It’s quite simple. If you don’t have any business structure whatsoever, then you are very likely operating a business illegally AND missing out on huge money saving opportunities. (We also have this brief video summarizing why they are important.)…
Incite Tax & Accounting is a Certified Public Accountant (CPA)firm with offices in Sandy, 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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