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IRS Form 990: A Complete Guide for Non-Profit Tax Compliance 2024

Business Tax PreparationOctober 8, 20240Comments

Key Takeaways IRS Form 990 is an annual return that tax-exempt organizations must file to maintain transparency. There are different versions of Form 990 based on the size and type of the organization. Filing deadlines are crucial; missing them can lead to penalties or loss of tax-exempt status. Accurate and complete information is necessary to…

Utah Property Tax: County’s tax rates

Business Tax Preparation, Individual Tax, Individual Tax PreparationFebruary 22, 20240Comments

Owning real estate in Utah comes with the responsibility of paying property taxes, a crucial source of funding for essential public services. These taxes are levied on land and buildings based on their assessed value. While property taxes are a significant expense for homeowners, it's important to remember that Utah has relatively low property tax…

Filing Business Taxes for an LLC for the First Time: Comprehensive Guide for 2024

Business Tax, Business Tax PreparationOctober 2, 20230Comments

Filing business taxes for your LLC can seem daunting initially, but with the right guidance, it becomes a manageable process. This guide will walk you through everything you need to know to successfully file your LLC’s taxes for the first time in 2024. Key Takeaways If you are the only owner of a limited…

How to Calculate Gross Income: A Comprehensive Guide for Individuals and Businesses

Individual Tax, Business Tax, Business Tax Credits, Business Tax PreparationAugust 28, 20230Comments

Understanding gross income is crucial for managing personal finances and running a successful business. This guide provides a clear breakdown of how to calculate gross income accurately, whether you're an individual or a business owner. What is Gross Income? For Individuals: Gross income is your total earnings before any deductions. It's the top-line number on…

1099-NEC vs 1099-MISC: Comprehensive Guide, Deadlines, and Filing Procedures

Business Tax, Business Tax PreparationAugust 28, 20230Comments

Use Form 1099-NEC for independent contractors and Form 1099-MISC for miscellaneous payments.

Tax Extension Deadline 2025: Don’t Miss the Date!

Individual Tax, Business Tax, Business Tax Preparation, Individual Tax Preparation, Tax PlanningJuly 25, 20230Comments

Tax season is here, and we know it can be a busy time. Between gathering all your documents and making sure everything is accurate, it's easy to feel a bit overwhelmed. But don't worry—if you need more time to file, you're not alone! The IRS offers a tax extension that gives you until October 15,…

Facing an IRS Audit Without Receipts? Here’s What to Do

Business Tax, Business Tax Preparation, Individual TaxJune 9, 20230Comments

Learn how to navigate an IRS audit even without receipts, utilizing the Cohan Rule, alternative documentation, and expert guidance from XOA TAX.

Navigating Form 8594: A Comprehensive Guide for Business Acquisitions

Business Tax, Business Tax PreparationMay 24, 20230Comments

This comprehensive guide explains IRS Form 8594, detailing its requirements, the seven asset classes, the residual method, tax implications, and potential penalties for non-compliance, helping businesses navigate the complexities of asset acquisitions.