Thursday, August 28, 2014

12 Most Asked Questions When Starting A Business (Final 4)



This is the third of a three-video series that discuss the 12 most asked questions when starting a business.

I look forward to working with you on these questions and more.

Wednesday, August 27, 2014

12 Most Asked Questions When Starting A Business (Middle 4)



This is the second of a three-video series that discuss the 12 most asked questions when starting a business.

I look forward to working with you on these questions and more.

Tuesday, August 26, 2014

Limited Partnership, LLC, S or C Corp -- Which is Best For My Business?


How is a sole proprietorship, general or limited partnership, LLC, S or C corporation different – which of these entity types is best for this business and its members?

I look forward to working with you on these questions and more.

12 Most Asked Questions When Starting A Business (First 4)



This is the first of a three-video series that discuss the 12 most asked questions when starting a business.

I look forward to working with you on these questions and more.

Tuesday, April 22, 2014

How Long Do I Have To Keep My Tax Documents ... Really?


Recent question from a client:  I have tax returns back to 1988, I am having items shred, can I shred some of these?

My answer:  Under "normal" circumstances, you can be audited for 3 years from the date you filed a return or the April 15 deadline, whichever is later for a given year.  Just to be safe, I advise keeping all records used to justify income and deductions on a return for one year beyond that, or 4 years.  All records include such things as all the W-2s, 1099s, bank and credit card statements, invoices, receipts, calendars, mileage records, etc.  Scanned copies of all these is a good option, as long as you keep a backup in a separate physical location.  I particularly recommend scanning any receipts or other documents printed on thermal paper, because these rapidly fade to an unreadable, useless state.

"Normal" circumstances implies that

Friday, January 31, 2014

Utah Tax Commission Issues Tax Filing Guidance For Same-Sex Couples For 2013

On January 15, 2014, the Utah State Tax Commission issued a tax notice, "Individual Income Tax Returns For Same-Sex Couples For Tax Year 2013", which includes this statement:

"Same-sex couples who are eligible to file a joint federal income tax return and who elect 
to file jointly, may also file a joint 2013 Utah Individual Income Tax return as provided in Utah 
Code § 59-10-503. Eligible married couples may file a joint return if they are married as of the 
close of the tax year."

As recently as December 6, 2013, Dolores J. Furniss, a Manager with the Commission, noted in her yearly presentation at the Utah State University Income Tax School that same-sex couples who were eligible to and do file joint federal income tax returns for 2013 would have to file as single taxpayers in Utah.  While the January 15 notice is thus an important change for affected taxpayers to consider when filing their 2013 tax returns, this is not a permanent change at this point.  The notice goes on to say:

"This notice is limited to the 2013 tax year. Filing information for future years will be 
provided as court rulings and other information become available. If any taxpayers are required 
to file amended 2013 tax returns based on future court rulings, they will not be subject to 
penalties for any tax deficiencies resulting solely from following this guidance."

Tax laws and regulations change daily, so whether this change impacts you or not, something else will.  Staying informed is more important than ever.

Sunday, January 26, 2014

Are You The Right Person To Work With Me?

Accutek is the professional services company I founded. It is building a team of experienced associates of varied backgrounds that work together with each other and with each individual client to develop unique financial and tax solutions for each client’s personal and business needs.  We are based in Hurricane, Utah, and serve wonderful clients locally and wherever Internet and overnight delivery services can reach.

I think there's a good chance that you, my reader, might just be a great fit for our team.  Please click below to continue reading and learn more about this opportunity!