As we’ve discussed in previous blogs, miles driven for business purposes can be deducted on your tax return as a business expense. However, it’s important for you to be aware of what qualifies as business mileage and what does not. Here’s a brief look at...
If you’re selling your home, you should know that you may qualify to have any profits from the sale excluded on your tax return. This means that you wouldn’t have to pay income tax on all or a portion of the profits on your home’s...
Bitcoin and other cryptocurrencies have been around for several years, but they really gained a lot of steam in 2017, with more and more people buying in—and cashing out—than in previous years. But most of the people jumping onto the cryptocurrency train aren’t entirely sure...
No matter what type of business you run, odds are you use a vehicle to get some of that work done. Whether you drive a passenger vehicle every day to meet with clients and suppliers, or you have a tractor to help with farm work,...
For individuals who work as W2 employees and have adequate taxes withheld from their paychecks, paying taxes isn’t really something you need to think about until you file a return at the beginning of the year. But if you have any sources of income that...
While we firmly wish that this sort of post wasn’t necessary, unfortunately, it’s not uncommon for people to become victims of identity theft during or shortly after tax season. When filing your taxes, you use a lot of sensitive personal information, and if you’re not...
Charitable contributions are a part of many taxpayers’ returns. But while claiming a cash donation to a non-profit is relatively straightforward, donations of non-cash items can be a bit more complex. In fact, many individuals make donations of their used items and never claim this...
We’ve talked a lot about taxes lately—‘tis the season, after all—but here at The Accounting Guys, we offer a lot of additional accounting services for businesses throughout Utah. So if you’ve worked with us for your business’s tax returns, we invite you to consider using...
Many people dread filing their taxes, because they’re afraid of how much they’re going to owe. Oftentimes, this expense, added on top of your regular bills, can stretch an individual or a family to their financial limits. What if you really can’t afford to pay...
The tax deadline is fast approaching, but if you’re not yet ready to file, don’t let it cause you any undue stress. Filing a tax extension is a relatively simple process. However, there are a few things you need to know about the extension filing...
