Averett & Associates, PC

Averett & Associates, PC Outstanding accounting services responsive to YOUR specific needs

Averett & Associates, PC provides outstanding tax, accounting, payroll, and other business advisory services throughout the Salt Lake City area. We work with our clients to provide relevant, timely advice to assist them in growing their businesses, save federal and state income taxes, and to maintain accurate accounting records. Our competent, personalized services are tailored to our clients' nee

ds and include on-site consulting on an as-needed basis. We value our client relationships and are committed to providing valuable services for a reasonable fee.

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026...
09/04/2026

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026, to file it. But if you have the tax-filing information you need, you may want to file now. There’s no advantage to waiting until the deadline. If you owe tax, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It’s important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. Call us at (801) 506-0606 if you need help filing your extended return or have questions regarding your current tax situation.

If your estate might exceed the federal estate tax exemption ($15 million for 2026), you’re probably concerned about fut...
09/02/2026

If your estate might exceed the federal estate tax exemption ($15 million for 2026), you’re probably concerned about future estate tax liability. A spousal lifetime access trust (SLAT) may help. A SLAT can allow you to remove wealth from your estate tax-free while providing a safety net if your needs change in the future. Essentially, a SLAT is an irrevocable trust you establish for the benefit of your spouse plus your children or other relatives. Your spouse is granted limited access to the trust’s funds during his or her lifetime, giving you indirect access. Call us at (801) 506-0606 to discuss whether a SLAT makes sense for you.

The deadline for Q3 estimated tax payments is September 15, 2026. This payment is based on income earned from June 1, 20...
09/01/2026

The deadline for Q3 estimated tax payments is September 15, 2026. This payment is based on income earned from June 1, 2026, through August 31, 2026. For those who make these payments, staying current can help minimize potential penalties and make year-end filing more manageable.

If you would like assistance confirming the amount to pay or reviewing payment options, please contact our office. We are happy to help.

Many tax law changes went into effect this year. So it’s important to evaluate where your business stands — and where it...
09/01/2026

Many tax law changes went into effect this year. So it’s important to evaluate where your business stands — and where it’s headed — before year end. Tax planning opportunities may still be available, but they’ll become more limited as the calendar winds down. Whether you’re considering equipment purchases, compensation strategies, retirement plan contributions or other tax-saving moves, now is the time to look ahead and review your options. Call us at (801) 506-0606 to bring your 2026 tax strategy into focus.

Labor Day is all about celebrating the workforce, and the best way to honor hard work is to take a real break from it. S...
08/31/2026

Labor Day is all about celebrating the workforce, and the best way to honor hard work is to take a real break from it. So to celebrate, our team is fully committing to the cause by penciling some cat naps into our schedules this weekend.

A quick heads-up: The office is closed on Monday, September 7th. We will be back on Tuesday, September 8th — recharged, refreshed, and ready to get to work.

We hope you have a long weekend full of good food, good company, and zero emails!

Running a successful business requires more than keeping up with the day-to-day. It also requires taking time to evaluat...
08/31/2026

Running a successful business requires more than keeping up with the day-to-day. It also requires taking time to evaluate your financial position, identify opportunities and plan for what’s ahead. Whether you need assistance with accounting, bookkeeping, tax planning or strategic business advice, we can help you gain clarity. Our team provides practical guidance tailored to your specific needs, so you can focus on running and growing your business. Contact us at (801) 506-0606 to learn more.

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of...
08/28/2026

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of the awards are tax-free. To qualify for tax-free status, scholarships must meet three criteria: 1) The student must be a degree candidate at an eligible educational institution, 2) the award must be used to pay for tuition and fees, books, and certain supplies (not room and board or travel), and 3) the award can’t represent wages for teaching or research. Many graduate student awards have employment compensation components, so they may be taxable. Also, taxable scholarship money could potentially be subject to the “kiddie” tax. Contact us at (801) 506-0606 for more information.

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with ...
08/26/2026

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with low or no income taxes. Relocating a trust may offer a tax advantage if the trust is an irrevocable nongrantor trust, accumulates (rather than distributes) substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. Call us at (801) 506-0606 for more information.

Grabbing lunch with a client doesn’t just build rapport. It can also trim your tax bill. Under federal tax law, you can ...
08/25/2026

Grabbing lunch with a client doesn’t just build rapport. It can also trim your tax bill. Under federal tax law, you can generally deduct 50% of qualifying business meal costs. Whether you're dining with clients, partners or employees, these deductions can reduce your taxable income. Keep detailed records of the expenses, including receipts. Document the business purpose of each meal and the business relationship of the people you dine with. Contact us at (801) 506-0606 with any questions about this deduction.

One of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax annual exclusion...
08/24/2026

One of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax annual exclusion. For 2026, you can transfer up to $19,000 per recipient gift-tax-free. And you can double the exclusion to $38,000 per recipient if you split the gifts with your spouse. But it’s critical to understand the rules of gift-splitting to avoid unintended tax consequences. To elect to split gifts, the spouse making the gift must file a gift tax return, and the other spouse must consent by checking a box on the return and signing it. Contact us at (801) 506-0606 for additional details.

Address

5675 S Redwood Road Unit 11
Taylorsville, UT
84123

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 12pm
1:15pm - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

(801) 506-0606

Website

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