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Taxes by Tara PC

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Layton, UT
Taxes by Tara PC

Let's talk tax! I love to take stress out of tax preparation for my amazing clients. Thanks for looking at my profile.

I am a retired Bank Executive and spent my career in the Accounting field. I am a licensed CPA in the state of Utah but can file your taxes in any state. Please contact me if you have any questions!

01/12/2026

The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight. Sounds straightforward, but let’s say you mail your return with a payment on April 15, and the envelope gets lost. You don’t figure this out and refile until a couple of months later. Despite your efforts to timely file and pay, you can still be hit with both failure-to-file and failure-to-pay penalties. One way to minimize this risk is to use certified or registered mail or an IRS-approved private delivery service. A better way is to work with a tax professional who’ll e-file your return and help ensure you claim every break you’re entitled to while staying compliant with tax law. Contact us at (801) 698-7173 to start your 2025 return.

01/09/2026

Legislation in 2025 made 100% bonus depreciation permanent for businesses that purchase and place into service qualified new or used property after Jan. 19, 2025. However, when you file your 2025 income tax return, you can choose to use the old 40% bonus depreciation rate. Why would you do this? You may want to save more tax in 2025 than you would following normal depreciation but preserve some deductions for the future. For example, if you anticipate being in a higher tax bracket in 2026, deductions will be more valuable. Another reason is to prevent large net operating losses, which 100% bonus depreciation can create. Call us at (801) 698-7173 for help determining which tax breaks will be most beneficial to claim on your 2025 return and which ones might make sense to forgo.

01/07/2026

Good news for small business owners! The 20% qualified business income (QBI) deduction for pass-through business owners is now permanent. (It had been scheduled to expire after 2025.) This break reduces taxable income for eligible sole proprietors, partners, S corp owners and, generally, LLC members. Beginning in 2026, expanded income ranges over which certain limits phase in may allow more taxpayers to qualify for the QBI deduction, and some may enjoy larger deductions. Contact us at (801) 698-7173 to learn how you can benefit.

01/06/2026

Filing your income tax return early can help protect you from tax refund fraud, a scam in which thieves file bogus returns using victims’ Social Security numbers. It can cause big headaches and delay legitimate refunds. But if you file first, it will be the return filed by a potential thief that will be rejected, not yours. Call us at (801) 698-7173 to get your return preparation started.

01/05/2026

If you expect to owe tax when you file your return and don’t think you’ll be able to pay the entire amount due, it may be tempting to put off filing. But remember, filing for an extension doesn’t extend your payment deadline. So consider filing on time and paying what you can. If you pay at least part of what you owe on time, you can reduce the interest and late payment penalty you’ll owe because your unpaid balance after the April 15 deadline will be lower. Then set up a payment plan with the IRS. Both short-term and long-term plans are available. Contact us at (801) 698-7173 to get your return filed on time.

01/02/2026

Not everyone is eligible to make tax-deductible contributions to a traditional IRA. For example, for 2026, deduction eligibility for single taxpayers who also contribute to a workplace retirement plan, such as a 401(k) plan, phases out with income between $81,000 and $91,000. For joint filers, the phaseout range for a spouse who contributes to a work-based plan is $129,000 to $149,000. For a spouse who doesn’t contribute to a work-based plan, the phaseout range is $242,000 to $252,000. Also for 2026, Roth IRA contribution eligibility phases out as follows: $153,000 to $168,000 for single filers, $242,000 to $252,000 for joint filers, and $0 to $10,000 for married separate filers. Contact us at (801) 698-7173 if you have questions.

12/31/2025

The One Big Beautiful Bill Act (OBBBA) brings major tax savings and planning opportunities for many businesses. Here are four highlights: 1) 100% first-year bonus depreciation for qualified new and used assets and production property, 2) an enhanced research and experimentation deduction, 3) expanded gain exclusions for qualified small business stock. 4) permanent 20% qualified business income deduction for pass-through businesses and sole proprietorships. Contact us at (801) 698-7173 to review your tax strategies and lock in benefits under the OBBBA.

12/29/2025

Maximize your business tax deductions. Minimize your stress. Let us handle your company’s tax planning, return preparation and strategy so you can focus on taking your business to the next level. Contact us at (801) 698-7173.

12/24/2025

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS closely monitors such businesses, using tools like cash flow analysis, bank deposit comparisons and lifestyle audits to estimate actual income. If discrepancies arise, the IRS may calculate your income based on estimates, potentially resulting in higher taxes than necessary. Contact us for help with your business at (801) 698-7173.

12/23/2025

With major tax law changes taking effect this year and next, tax planning is more important than ever. Don’t wait to talk with us until it’s time to prepare your tax return! Let’s review your situation, find opportunities and boost your tax confidence now. Call us at (801) 698-7173.

12/22/2025

Your business can claim a tax credit for qualified expenses paid or incurred when providing child care for employees. Beginning in 2026, the One Big Beautiful Bill Act increases the percentage of qualified expenses that can be taken into account for purposes of claiming the employer-provided child care credit. It also increases the maximum credit. Contact us at (801) 698-7173 with questions.

12/19/2025

Does your business provide relocation benefits for employees? Under current tax law, employers can deduct payments to employees for relocation costs, such as moving services, storage expenses and transportation. But these amounts are generally taxable to employees, except for active-duty military personnel. That means employers are required to include relocation benefits in the employee’s gross income and withhold and pay applicable payroll taxes on the payments. 2025 legislation made this tax law provision permanent, but it added another exception for “intelligence community members” that starts in 2026. Contact us if you have questions.

Address

Layton, UT
84041

Opening Hours

Monday	9am - 9pm
Tuesday	9am - 9pm
Wednesday	9am - 9pm
Thursday	9am - 9pm
Friday	9am - 9pm

Telephone

801-698-7173

Website

http://www.taxesbytara.com/

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Our Story

Thanks so much for your interest in consulting and tax preparation services from Taxes by Tara PC! I am a licensed CPA in the state of Utah and can file your taxes in any state. As a small business without significant overhead costs, I can prepare your tax return for a fraction of the cost of CPA firms. I pride myself in providing excellent service to my clients!

The best compliment you can give me is referring your friends and family to Taxes by Tara PC. Thanks for passing along the good news about my tax services.