As a Utah business owner, you will need to comply with tax laws in Utah and understand how they affect your company. State laws not only differ by industry, they also frequently change.
Tax laws cover the rules regarding Utah income tax, sales tax and property tax. Because understanding and facilitating tax issues can take up valuable time, business owners often choose to commission a Utah tax attorney to take care of the legal side of their business's finances. Choosing to do so yourself could free you to focus your energy on managing your company. It's important to remember the following about Utah taxation laws:
1. There are many deductions in taxation law. A complete understanding of Utah state tax law could save your business substantial amounts of money.
2. Utah tax law works in conjunction with federal tax law, possibly local tax law, and sometimes municipal tax law. Ask your CPA when one overrides the other in your situation.
3. Partnering with tax law legal professionals in Utah to save your business from unnecessary fines and audits.
Action Steps
The best contacts and resources to help you get it done
Learn about Utah business tax law and file your own returns
If you are a very small business with minimum resources but some time to devote to the task, you can file your own taxes. There are many online resources available to help you understand the specific Utah state laws.
I recommend: The
Utah Department of Revenue has online tax forms available for business owners to download.
Federation of Tax Administrators can lead you to other state tax documents, should you need them. Also consider software programs like
Quicken to help organize your expenses and
TurboTax to file taxes in your state.
Partner with a accountant or CPA to help you comply with tax law in Utah
Some situations demand that you outsource your taxes to a professional. This insures your business complies with state requirements, so you can avoid the inconvenience of penalties and audits. Whether it's part-time or full, basic accounting services or complex, consider hiring a financial expert. You could partner with an accountant who performs general accounting services, or a CPA who can handle complex accounting needs.
I recommend: Karren, Hendrix, Stagg, Allen & Company is a Utah-based CPA firm offering tax services including tax planning, IRS audit representation and IRS correspondence.
Mantyla McReynolds LLC, based in Salt Lake City, helps clients file their returns electronically.
Mayer Hoffman McCann, PC is a national CPA firm that specializes in a variety of industries. You may consider a national firm if you plan on expanding your business beyond Utah.
Consult with Utah tax lawyers when you need advice or representation
As a small business owner, you may also want to secure a Utah tax lawyer to assist you with tax situations. Attorneys not only ensure your business is compliant with state tax laws, they also provide tax counseling on a wide array of situations.
I recommend: J. Craig Carman, PC offers services and advice on many tax issues, including restructuring, expanding your business into national or international markets. Salt Lake City-based
Clyde Snow Sessions & Swenson provides tax planning services, among other things.
Tips & Tactics
Helpful advice for making the most of this Guide
- When you look for a professional to prepare your taxes, steer clear of CPAs or accountants who claim they can get you more deductions than their competitors. They're either lying to you, or willing to violate Utah tax laws; neither scenario is good.
The official source of Utah Tax Law is the Utah Tax Law page at Business.com
Related Resources from Business.com
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