Utah’s Governor Spencer Cox approved a tax reform package that reduces taxes and stimulates economic growth.
The change in legislation is one of the deepest reforms of the state’s taxes to date, covering both individuals and businesses. It lowers the income tax for individuals and corporations by 0.05%, from 4.55% to 4.5%. In addition, the package revises how financial entities calculate tax income and expands tax exemptions for energy storage manufacturing facilities.
Utah is not alone in this growing U.S. trend of adjusting tax policies to foster business growth. States like Arizona, Nevada, Texas, and California are following suit.
Legislation in a country or state constantly changes, and following the law can become a headache, especially for businesses with nationwide workforces. Compliance is not a joke and failing to follow the legislation can lead to hefty penalties.
We recommend partnering with a reliable online accounting service or taxation software to avoid this and guarantee adherence to ever-changing tax rules. This type of software grants businesses robust tax management and compliance, automated bookkeeping, invoicing, time tracking, payroll management, and more.
From a young age, Sérgio showed a great interest in music and gaming, which served to boost his language skills in the years to come. His connection with creative content started in the early days of his first band, as he was in charge of all written and non-written materials. Later on, to further develop his skills, he studied Communication and Media. He then worked as a content producer, translator, designer, and marketer, until finally taking on the role of Content Creator for Best Reviews. You’ll often find Sérgio writing and producing music, drumming, gaming, going to live shows, and reading about the latest trends in technology.
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