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Changes to Limits
In the past, the limits for the amount you could deduct on a vehicle purchase differed depending the type of vehicle you bought—passenger vehicle, or a truck or SUV. However, the Tax Cuts and Jobs Act changed this so that most vehicles (with a few exceptions we’ll discuss late...
Who Needs to Pay?
As mentioned above, anyone with a source of income that is not taxed upfront should be making estimated payments. This includes:
- Sole proprietors or partners in a business
- S-corporation shareholders
- Freelance or contract workers
- Corporations
- Individual...
Signs You’re a Victim
First, it’s important to know the signs of tax-related identity theft. If your Provo tax professional or the IRS contacts you regarding any of the following situations, your identity may have been stolen:
- Multiple tax returns were filed with your Social Security numbe...
Professional Bookkeeping Services
In addition to our tax professionals, we have a number of expert bookkeepers on staff who can help to maintain your business’s books. We’ll ensure that your financial records are as accurate as possible, and organized down to the smallest detail. With professio...
Determining the Value
The first step in claiming a non-cash donation on your tax return is to calculate the fair market value (FMV) of the item or items that you donated. FMV is the price that the items would sell for on the open market. As most non-cash contributions are of used items, the FMV...