Business Consulting

10 Facts You Should Know about the Do Not Call Registry

Yeo & Yeo CPAs & Business Consultants

Most Americans hate receiving unsolicited telemarketing calls. Inevitably, they seem to happen at the worst possible times — when you're sitting down to dinner, tuning in to your favorite television show or drifting off to sleep. Fortunately, the Federal Trade Commission (FTC) allows you to sign up for the Do Not Call (DNC) regi... Learn More

Could You Save More by Deducting State and Local Sales Taxes?

Yeo & Yeo CPAs & Business Consultants

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat. But it had expired December 31, 2014. Now t... Learn More

ACA Boosts Popularity of Health Savings Accounts

Yeo & Yeo CPAs & Business Consultants

 The Affordable Care Act (ACA) seems to be making Health Savings Accounts (HSAs) more popular than ever. A recent report issued by Devenir, an HSA industry participant, highlights two key findings: 1. As of June 30, 2015, the number of HSAs climbed 23% from the previous year to 14.5 million, and 2. Account balances jumped 25%... Read More

Another Tax Break for Research Expenses

Yeo & Yeo CPAs & Business Consultants

The research credit isn't the only tax break available for research activities. Section 174 of the tax code allows taxpayers to elect to either: 1) deduct "research or experimental expenditures" or 2) amortize the costs over a period of not less than 60 months. Qualified expenses are limited to the following: In-house wages a... Learn More

Succession Planning Requires Smart Strategies

Yeo & Yeo CPAs & Business Consultants

Succession planning is important in any business, but it's sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan. The plan needs to be well thought out and discussed with everyone affected. Don't just assume that a so... Read More

Debunking the Myths about Telemarketing Calls to Cell Phones

Yeo & Yeo CPAs & Business Consultants

Don't believe the rumors you've heard about telemarketers calling your cell phone. Placing telemarketing calls to wireless phones is illegal in most cases. The government doesn't maintain a registry for wireless numbers — and it has no plans to establish one in the future — so compiling lists of wireless numbers is expensiv... Read More

The New-and-Improved Research Credit is Now Permanent

Yeo & Yeo CPAs & Business Consultants

The research credit is back — this time for good — and it's better than ever for some small companies. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18, does much more than extend this credit. Under the PATH Act, the research credit is restored retroactive to Januar... Learn More

Two Extended Credits Can Save Businesses Taxes on Their 2015 Returns

Yeo & Yeo CPAs & Business Consultants

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amoun... Learn More