Bookkeeping and Tax Return services in Utah
Utah requires compliance with various tax obligations, including individual, corporate, and sales taxes.
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Bookkeeping Services offered by Meru Accounting In Utah
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
West Virginia State Income Tax Rates:
- Utah imposes a flat income tax rate of 4.85% on individuals.
- Utah imposes a flat corporate income tax rate of 4.85% on corporate net income.
- Statewide Sales Tax Rate: The statewide sales tax rate in Utah is 4.85%.
- Local Sales Tax Rate: Local jurisdictions may impose additional sales taxes, with combined rates ranging between 6.1% and 9.05%.
- Remote Seller Sales Tax: Remote sellers must collect sales tax if they meet Utah’s economic nexus requirements.
Compliance Requirements:
Filing Deadlines:
- Individuals: Utah individual income tax returns are due by April 15th.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments :
- Corporations: Quarterly estimated payments are required if the tax due exceeds $3,000.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax according to their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include 10% of the unpaid tax, with additional interest on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Utah
Individual Income Tax Preparation
- Federal and State Tax Returns: Preparation of individual tax returns, including the filing of Form 1040 for federal taxes and Utah State Tax Returns (Form TC-40).
- Tax Planning & Strategy: Consultation on optimizing tax liabilities, utilizing exemptions, deductions, and credits such as the standard deduction, itemized deductions, and child tax credits.
- State Tax Credits: Assistance with Utah-specific credits like the Utah Child Tax Credit, Low-Income Housing Credit, and Credit for Taxes Paid to Another State.
- Filing Extensions: Helping taxpayers file for extensions with the IRS and Utah State for individual returns.
Corporate Tax Services
- Corporation Income Tax: Filing of corporate income tax returns (Form 1120) for both federal and state taxes (Utah Form TC-20).
- S Corporation Tax: Assistance with filing for S-corporations, including Utah-specific taxes, and guidance on handling income distributed to shareholders.
- LLC & Partnership Taxation: Preparing returns for partnerships and LLCs (Form 1065) and navigating the pass-through taxation model in Utah.
- State Business Taxes: Filing for Utah’s State Business Income Tax (TC-20) and other relevant filings for corporations, LLCs, and partnerships.
Sales Tax Services
- Sales and Use Tax Filing: Filing of state sales tax returns for businesses, ensuring compliance with Utah's sales and use tax laws. Assisting in the collection and remittance of sales tax.
- Sales Tax Audits and Compliance: Helping businesses through state audits, ensuring proper sales tax collection, and preparing for audits by the Utah State Tax Commission.
- Sales Tax Registration: Assisting businesses with registering for sales tax collection in Utah.
Property Tax Services
- Property Tax Returns: Filing property tax returns for businesses, including commercial real estate and tangible personal property tax filings.
- Property Tax Valuations: Assistance with the appeal process if property valuations appear too high or are disputed.
- Tax Exemptions: Guidance on property tax exemptions available in Utah, including those for nonprofits and government entities.
Withholding Tax Services
- Payroll Tax Compliance: Assistance in ensuring compliance with Utah state and federal payroll taxes, including state income tax withholding for employees.
- Quarterly Tax Filings: Help with filing the required state and federal withholding tax forms on a quarterly basis, including the Utah Form TC-941 and federal Form 941.
Estate and Inheritance Tax Services
- Estate Planning: Assisting with estate planning to minimize taxes and ensure proper asset distribution under Utah's inheritance tax laws.
- Trust Taxation: Filing tax returns for estates and trusts, including Form 1041 (Federal) and any relevant Utah filings for estates over a certain threshold.
Tax Resolution Services
- IRS & Utah Tax Debt Resolution: Assistance with resolving outstanding tax liabilities with the IRS or Utah State Tax Commission, including negotiations for installment agreements and offers in compromise.
- Tax Penalty Abatement: Help in requesting penalty abatements for late filing or late payment, when applicable.
- Tax Appeals: Representation for taxpayers in Utah state tax audits and disputes, helping to appeal tax assessments or penalties.
Self-Employed & Freelancer Tax Services
- Self-Employment Tax Filing: Help for freelancers and independent contractors with filing self-employment taxes and ensuring accurate reporting of business income and expenses.
- Estimated Tax Payments: Assistance in calculating and making estimated tax payments throughout the year for self-employed individuals.
Nonprofit Tax Services
- Nonprofit Formation & Compliance: Assistance with the formation of tax-exempt organizations in Utah and ensuring compliance with state and federal nonprofit regulations.
- Annual Filings & Reporting: Help with annual filings, including IRS Form 990 and Utah state filings, as well as ensuring that tax-exempt status is maintained.
Sales Tax Nexus & Remote Seller Compliance
- Sales Tax Nexus Consultation: Determining sales tax nexus for remote sellers in Utah and helping with the registration for sales tax collection under Utah’s marketplace facilitator laws.
- Marketplace Facilitator Taxation: Helping businesses comply with Utah’s marketplace facilitator rules, ensuring taxes are correctly remitted.
Tax Credits & Incentives
- Utah Tax Credit Programs: Assistance in applying for various state tax credits such as the Utah Affordable Housing Tax Credit and High-Tech Investment Tax Credit.
- Federal Tax Credits: Helping individuals and businesses claim federal tax credits that may be available, such as the Research and Development Tax Credit.
Tax Audit Representation
- IRS & Utah State Tax Audit Representation: Representation for clients undergoing state or federal tax audits to ensure fair treatment and minimize liabilities.
International Tax Services
- Foreign Income Reporting: Assistance for residents of Utah with reporting foreign income and complying with tax laws related to foreign assets.
- Expatriate Tax Services: Providing tax preparation and consulting services for Utah residents living abroad.
Tax Filing Services for Individuals with Special Circumstances
- Filing for Deceased Estates: Assistance with the filing of final income tax returns for individuals who have passed away and the necessary estate returns.
- Tax Filing for Military Personnel: Providing tax filing and advisory services for active-duty military personnel, including potential deductions or exemptions they may be entitled to under Utah law.
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
