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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Utah, as in all states, residents and businesses are subject to a variety of taxes imposed by state and local governments, as well as the federal government. Utah has a state income tax, which is structured as a single-rate tax system for individuals and corporations. Capital gains are taxed as regular income at the state level. Property taxes are levied by local governments (counties, cities, and school districts) and are based on the value of real and personal property. Utah does not have a franchise tax. The state imposes a sales tax on the purchase of goods and services, and a use tax on goods purchased out of state but used within Utah. While there is no gift tax in Utah, the federal gift tax may apply to transfers of wealth during an individual's lifetime. Utah does not have an inheritance tax, but the federal estate tax may apply to large estates. It's important to consult with an attorney or tax specialist to understand how these taxes apply to individual circumstances, especially considering that tax laws can change.

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Taxes

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