Bangerter, Lund & Associates, Inc. - Certified Public Accountants

07/15/2022

YOUNG ENTREPREURS! STOP!

Are you starting or have started your first business?

Stop scrolling and take a second to read this information on what you Entrepreneurs should know about taxes!

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from their paycheck. However, when they are classified as an independent contractor or are self-employed, they're responsible for paying taxes themselves.

Here are six things to keep in mind:

1. Everyone, including minors, must file a tax return if they had net earnings from self-employment of at least $400.
2. If they owe taxes, teens and young adults should file their own tax returns, even if their parent or guardian claims them as a dependent.
3. Teens and young adults can prepare and sign their own tax returns. There is no minimum age to sign a tax return.
4. Parents can't claim a dependent's earned income on their own tax return.
5. In addition to income tax, self-employed people are generally responsible for self-employment tax as well. It's like the Social Security and Medicare taxes withheld from the pay of most wage earners.
6. Teens and young adults can lower the amount of tax they owe by deducting certain expenses.

07/13/2022

Have you ever heard of a reverse mortgage?

Whether your already retired or preparing to retire, having the concept of a reverse mortgage in the back of your mind is essential.

What is a reverse mortgage? A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you continue to own the home. Reverse mortgages operate like traditional mortgages, only in reverse. Rather than paying your lender each month, the lender pays you. You can use this cash to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses.

One of the benefits of a reverse mortgage is, reverse mortgages differ from home equity loans in that most reverse mortgages do not require repayment of principal, interest, or servicing fees as long as you live in the home. Instead, the loan is repaid when you die, sell your home, or when your home is no longer your primary residence.

If your planning for retirement or you already are retired and have questions we are here to help! Message our page if you or someone you know needs help with their retirement today!

07/11/2022

Business travel costs like hotel bills, airfare, or public transportation can add up quickly. Whether you are new to owning a business or you've owned your own business for years, when it comes to what to keep track of for your taxes it can get a little blurry. Here are the different things you as a business owner can deduct during your business travel...
- Travel by airplane, train, bus or car between your home and your business destination.
- Fares for taxis or other types of transportation between an airport or train station to a hotel, from a hotel to a work location.
- Shipping of baggage and sample or display material between regular and temporary work locations.
- Using a personally owned car for business which can include an increase in mileage rates.
- Lodging and non-entertainment-related meals.
- Dry cleaning and laundry.
- Business calls and communication.
- Tips paid for services related to any of these expenses.
- Other similar ordinary and necessary expenses related to the business travel.

If you or someone you know needs their Business taxes taken care of this year message us or call our office directly! Lets make tax season a breeze!

07/07/2022

Ever wondered why you should use an accountant over programs like Turbo Tax?

Here are four reasons from https://www.fool.com/the-ascent/taxes/articles/4-reasons-i-outsource-my-taxes-to-an-accountant/

1. I find taxes very stressful
2. My tax situation is somewhat complicated
3. My accountant knows more about tax laws than me
4. My account's fees often pay for themselves

Reach out to us on messenger or call our office directly. Lets make tax season a breeze!

A writer explains why she doesn't file her own taxes and uses an accountant instead. See if these four reasons apply to you too.

12/27/2019

Tis the season for charitable giving! Tax breaks for charitable donations aren't limited to individuals, your small business can benefit as well. There are generally 5 important things to know when donating to a charitable organization:

1. Verify that the organization is a qualified charity
2. Verify the deduction is eligible
3. Understand applicable limitations
4. Categorize donations
5. Keep good records

Timing of charitable giving can provide excellent tax planning strategies to maximize their tax reduction benefits. Click below to read more in our newsletter!

http://www.bangertercpa.com/newsletter.php?date=122019 #3

Take a look at our Newsletter page. Bangerter, Lund & Associates is a full service tax, accounting and business consulting firm located in Bountiful, UT.

11/12/2019

With the end of the year fast approaching, now is the time to take a close look at tax planning strategies you or your business can use to minimize your tax burden for 2019. General tax planning strategies for individuals include postponing income and accelerating deductions, and careful consideration of timing-related tax planning strategies with regard to investments, charitable gifts, and retirement planning. Business strategies may include deferring income, purchasing new business equipment and other year-end moves.

For detailed examples, be sure to visit our website for this month's newsletter.

09/12/2019

A special thanks to everyone who participated in our golf tournament earlier this month.

Through the donations of our golfers, were able to raise more than $2600 to donate to the Utah Food Bank's Backpack Program, which helps supply food for many of the 142,320 food-insecure children in Utah. You can learn more about the program at https://www.utahfoodbank.org/programs/backpack-program/.

Thank you to our event sponsors:

Zions Bank SBA National Protection Rockwell Time Bangerter, Lund & Associates, Inc. - Certified Public Accountants Risk Management Association

09/12/2019

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. You should keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis. Here are a few examples:
• Putting an addition on your home
• Replacing an entire roof
• Paving your driveway
• Installing central air conditioning
• Rewiring your home
• Assessments for local improvements
• Amounts spent to restore damaged property.
For more information on records you should keep track of, call Bangerter, Lund & Associates today at 801-397-1000 or visit our website to view this month’s newsletter at

Take a look at our Home page. Bangerter, Lund & Associates is a full service tax, accounting and business consulting firm located in Bountiful, UT.

08/13/2019

Beware of the new tax-related scams known to the IRS as the “SSN Hustle” and the “Fake Tax Agency”. The “SSN Hustle” includes scammers claiming to be able to suspend or cancel a victim’s Social Security number. Scammers may mention overdue taxes in addition to threatening to cancel the person’s SSN. The “Fake Tax Agency” involves the mailing of a letter threatening an IRS lien or levy. The lien or levy is based on bogus delinquent taxes owed to a non-existent agency called, “Bureau of Tax Enforcement”. For more information on tax scams, read the August newsletter on our website or call us today for more information! www.bangertercpa.com