The Summit Group

Keep all of your financial records organized throughout the year to make tax season less stressful. Set up a system that works for you and stick to it. No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (801) 396-5596.

Attestation services are paramount for companies, financial institutions, and investors alike. But what exactly do these essential services accomplish? Let's dive deeper to find out!

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What Are Attestation Services and When Do You Need Them | www.financialhotspot.com Attestation services play a crucial role in accounting processes. The need for independent parties to give assurance over topics other than financial statements is required by laws, service clients, and even regulators. Attestation services are crucial in many scenarios and important for businesses,...

Did you know that hiring family members can have tax benefits for your small business? 🤝💼 By employing qualified family members, you may be eligible for various tax deductions and benefits. Consult with an expert to explore this potential tax-saving opportunity! Give us a call at (801) 396-5596.

Did you know that you can deduct the cost of business-related travel and transportation expenses? Keep track of your mileage, airfare, and other transportation costs to maximize your deductions. Get real answers from a professional! Give us a call at (801) 396-5596.

🤔 Did you know that proper bookkeeping can save you time⏰ and money💰? Leave the number-crunching to us while you focus on growing your business. Our dedicated team is here to ensure your books are accurate and up to date! Do you have questions? We have the answers! Talk to us at (801) 396-5596.

As a savvy business owner, you already know some great ways to reduce your tax bill. But have you heard about the 'hidden gems' of deductions? Read on for these lesser-known ideas that can give valuable relief and put more money back in your pocket!

For all your tax-related questions, contact us at (801) 396-5596. We'd love to help you!

Commonly Overlooked Business Tax Deductions | www.financialhotspot.com When you operate a business, whether a startup or an established company, you may overlook potential deductions that can save you money during tax time. As a business owner, you are probably familiar with some commonly used deductions, but other lesser-known deductions can reduce your tax bill even....

Bookkeepers are not only experts in managing finances, but they can also provide valuable insights into your business's financial health. By analyzing your income and expenses, a bookkeeper can help you make better decisions and set your business up for success. To schedule a consultation, contact us at (801) 396-5596.

reminder: People with low- and moderate-incomes may be able to save for retirement with the help of special tax break. See: http://irs.gov/saverscredit Do you have accounting questions? We have the answers! Talk to us at (801) 396-5596.

Did you know that a well-planned budget can help you achieve your long-term financial goals? Whether it's saving for a dream home or planning for retirement, our experienced accountants will help you create a budget that prioritizes your objectives and sets you up for financial success. 💼💰 Looking for a reliable and experienced expert? Contact us today (801) 396-5596.

Unfamiliar with IRS audits? Put your worries to rest! Learn the common questions that help you get a better handle on what information is needed and why. Why not arm yourself today by getting ahead of possible proceedings?

Get real answers from a tax professional! Give us a call at (801) 396-5596.

Answering the Most Common Questions About IRS Audits | www.financialhotspot.com Whenever you file your yearly taxes, there is a possibility that the Internal Revenue Service may audit your tax return. The IRS carries out standard procedures to detect discrepancies or errors among taxpayers. If you are faced with an audit, you will need detailed information to help you understan...

🧾 Are receipts and invoices taking over your workspace? Let us help you streamline your financial paperwork and keep your records in order. Say goodbye to the clutter and hello to a tidy, efficient workspace! 🌟🧹 No problem is too big and no detail is too small. We are available to handle it all! Give us a call at (801) 396-5596.

How do you know if an accountant is a superhero? They wear a cape-cash flow statement! 🦸‍♂️
To schedule a consultation, contact us at (801) 396-5596.

The contributions you make to a 401K are tax-deferred, which means you won't pay taxes on that money until you withdraw it during retirement. This can be a significant tax benefit for many people. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (801) 396-5596.

As an expat, you may be eligible for several tax deductions and credits, including the Foreign Earned Income Exclusion and the Foreign Tax Credit. Make sure you're taking advantage of all the tax benefits available to you. Contact us at (801) 396-5596 to schedule a consultation

Working in the gig economy is an exciting opportunity - but you'll want to ensure that your tax obligations are taken care of, too! Understanding how taxes apply to freelance work can be a tricky thing. Read on for helpful advice so you don't find yourself facing penalties from the IRS due to common errors and omissions.

Let's talk, call us at (801) 396-5596.

Avoiding Common Tax Problems for Gig Economy Workers | www.financialhotspot.com The gig economy refers to the jobs and workers that fall outside of the traditional long-term employment structure. Freelance professionals, contractors, and part-time workers for mobile service providers like Lyft, UberEats and Wag! are all a part of the gig economy. This form of work has become po...

Tip of the day for small business owners: Consider utilizing a retirement plan, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k). Not only do these plans help you save for the future, but they also provide potential tax advantages for your business! You've got questions and we've got answers! Call us at (801) 396-5596.

If you have a child who's headed to college soon, you may be eligible for a tax deduction for tuition and fees. Check out the Lifetime Learning Credit to see if you qualify. Contact us today if you have questions (801) 396-5596.
https://www.irs.gov/credits-deductions/individuals/llc

📢 Attention, do you have a home office? Don't forget to take advantage of the home office deduction if you have a designated space in your home used exclusively for your real estate business. This deduction can help you reduce your taxable income. Consult with our accountants to ensure you're maximizing this tax benefit! 🏠 Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (801) 396-5596.

There are eight branches of accounting that allow businesses to track and measure their company’s finances. Each branch has its own specialized use that reveals different insights into a business’s financial status. Understanding the different branches of accounting is important for business owners, as it can have a significant impact on the long-term success and viability of your business. Contact us at (801) 396-5596 to schedule a consultation
https://www.accountingformanagement.org/types-branches-of-accounting/

Legacy planning is a complex process, and individuals may find themselves wondering which route to take. Consider the two main options: creating an estate or placing assets in a trust - both of which offer their own unique benefits depending on one's particular needs and objectives. To aid you in selecting your plan, here are some key insights into each option.

To schedule a consultation, contact us at (801) 396-5596.

What’s the Difference Between a Trust and an Estate? | www.financialhotspot.com Long-term financial planning includes leaving a legacy for your loved ones. The simple part is knowing you want to provide for those you care about. The more complicated part of the process is figuring out how to best do so. Common choices for legacy planning include a trust or an estate, each with....

The accuracy of your financial statements depends on the correct analysis and accounting of your business transactions. You can enter any transaction into your accounting system correctly by answering five analytical questions. Read this article to explore Transaction Analysis and contact us today to get started on your accounting journey! %Phone}

Five Questions for Transaction Analysis The accuracy of your financial statements depends on correct analysis and accounting of your business transactions. You can enter any transaction into your accounting system correctly by answering five analytical questions. The questions are designed to identify the type of transaction, the accounts...

It can feel tricky when you already submitted your taxes, only to realize that there was a mistake after you sent it in. Before you decide to do anything, confirm that there is in fact a mistake. Rather than stressing out about it, have your preparer check your taxes to confirm the error. If there is an error, you could be in luck and the IRS may find out about it and notify you to rectify the situation. Continue reading this article to learn about what else needs to be done. Contact us at (801) 396-5596 to schedule a consultation.

What to Do If There’s a Mistake on Your Business Taxes - NerdWallet Make sure there’s really an error first. Stay calm, determine whether you or your tax preparer will fix the mistake, amend the tax return and get ready to pay.

The declining balance method, also known as the reducing balance method, is ideal for assets that quickly lose their values or inevitably become obsolete. This is classically true with computer equipment, cell phones, and other high-tech items, which are generally useful earlier on but become less so as newer models are brought to market. An accelerated method of depreciation ultimately factors in the phase-out of these assets. Contact us at (801) 396-5596 to schedule a consultation.

With college costs skyrocketing, saving for tuition can be overwhelming. Fortunately, there is good news! A 529 plan offers an easy way to save with minimal impact on your financial aid eligibility. Learn more about why you should consider a 529 and what to expect when setting up this savings option today!

Need an accountant? Why wait? Call us today at (801) 396-5596 to schedule a consultation!

How a 529 Plan Can Help You Save for College | www.financialhotspot.com There are many ways to save money for college. For many people, a 529 plan is one of the best ways to save money for higher education. A 529 plan gives you tax benefits if you use the money to pay for qualified education expenses for a specific beneficiary. Using your 529 plan, you can

If you own a business or have investments overseas, you may have additional tax obligations to consider. Be sure to consult with a tax professional to ensure you're compliant with all applicable tax laws. Contact us at (801) 396-5596 to schedule a consultation.

There's a strategic way to reach your financial goals. Working with financial professionals such as us, helps you stay on track with making sure your money is working for you! Contact us at (801) 396-5596 to schedule a consultation.

Business lines of credit are important and can come in handy if you want to make sure you have fluid cash flow as a small business owner. It does have a cap on what you are allowed to borrow, but that also depends on the type of credit involved. Continue reading this article to get the full scoop so you can be fully educated on this topic. Contact us at (801) 396-5596 to schedule a consultation

What Is a Business Line of Credit? - SmartAsset A business line of credit allows a business to only borrow as much as it needs. Learn how a line of credit works and how they differ from business loans.

If you’re a parent, you may want to teach your children personal finance skills but not know where to begin. How can you get your kids started down the path toward financial independence? Here are some tips to help you get started:

You've got questions and we've got answers! Call us at (801) 396-5596.

Tips for Teaching Kids About Personal Finance | www.financialhotspot.com It’s never too early to start teaching your kids about personal finance. Teaching children money management skills at a young age allows them to build a solid foundation of financial literacy. When children master concepts like budgeting, saving, and debt while the stakes are still relatively low,...

The double-declining balance (DDB) method is another accelerated depreciation method. After taking the reciprocal of the useful life of the asset and doubling it, this rate is applied to the depreciable base—its book value—for the remainder of the asset’s expected life. Thus, it is essentially twice as fast as the declining balance method. Contact us at (801) 396-5596 to schedule a consultation

Don't let record-keeping mistakes cost your business! Properly organized financial documents are the key to an effortless tax season. Make sure you have all your ducks in a row with these helpful tips for smoother preparation and accurate filings that won't get hit with hefty fines or penalties.

Get real answers from a tax professional! Give us a call at (801) 396-5596.

Record-Keeping Tips for Smoother Business Tax Prep | www.financialhotspot.com Every company, regardless of size, must pay taxes. While taxes are a fact of life for business leaders, they can quickly become a significant burden without complete and accurate financial records. Missing or erroneous documents can lead to tax errors that yield serious fines and penalties for your....