Utah Business Deductibility Checklist
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How to fill out Business Deductibility Checklist?
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FAQ
In Utah, the corporate income tax generally is calculated at a flat 5% of Utah taxable income with a minimum tax of $100. If your LLC is taxed as a corporation you'll need to pay this tax. The state's corporate income tax return (Form TC-20) is filed with the Utah State Tax Commission (TC).
Utah Form TC-40 Personal Income Tax Return for Residents.
However, there are 12 states and Washington, D.C., that will allow you to itemize on your state tax return only if you itemize on your federal, said Rigney. Those 12 are Colorado, Georgia, Kansas, Maine, Maryland, Missouri, Nebraska, North Dakota, Oklahoma, South Carolina, Utah and Virginia, he said.
Utah does not have a standard deduction.
Corporate Income Tax Domestic and foreign corporations are required to pay a 5% state income or franchise tax on income earned in Utah. The minimum tax for state banks and corporations is $100.
Itemized deductions include expenses that are not otherwise deductible, including mortgage interest you paid on up to two homes, state and local income or sales taxes, property taxes, medical and dental expenses that exceed 7.5 percent of your adjusted gross income and any charitable donations you may make.
You can itemize or take the standard deduction on your Utah state taxes, but you must choose the same deduction method you used on your federal tax return. For 2019, the amount of your Utah standard deduction is the same as your federal standard deduction.
If you are thinking about starting a small business, it doesn't matter where your new business operates, it will need to pay certain state and local taxes, in addition to those required by the federal government.
Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses. You may also include gifts to charity and part of the amount you paid for medical and dental expenses.
The following are the five general types of business taxes.Income Tax.Self-Employment Tax.Employment Taxes.Excise Tax.