Tax Planning

Reduce Your 2017 Tax Bill by Buying Business Assets

Yeo & Yeo CPAs & Business Consultants

Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases. Section 179 expensing Sec. 179 ex... Learn More

Breaking News for Individual Taxpayers

Yeo & Yeo CPAs & Business Consultants

The House has released a tax bill. This bill contains sweeping changes for both businesses and individuals. Most provisions are effective for tax years beginning after 2017. What happens from here? The Senate will introduce its version of the bill. The Joint Committee will be charged with hammering out the differences and produci... Learn More

Breaking News for Business Taxpayers

Yeo & Yeo CPAs & Business Consultants

The House has released a tax bill. This bill contains sweeping changes for both businesses and individuals. Most provisions are effective for tax years beginning after 2017. What happens from here? The Senate will introduce its version of the bill. The Joint Committee will be charged with hammering out the differences and p... Learn More

2017 Might be Your Last Chance to Hire Veterans and Claim a Tax Credit

Yeo & Yeo CPAs & Business Consultants

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. ... Learn More

2017 Year-end Tax Planning Checklist

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo's Year-end Tax Planning Checklist provides action items that may help you save tax dollars if you act before year-end. These are just some of the year-end steps that can be taken to save taxes. Not all actions may apply in your particular situation, but you or a family member can likely benefit from many of them. ... Download Now

How Does Section 179 Apply to Vehicles?

Kristy Brown

Many business owners have heard of the Section 179 deduction in relation to capital assets that are purchased. However, special rules are in effect regarding Section 179 as it relates to the purchase of vehicles. Read on to see if your vehicle purchase will qualify for the Section 179 deduction. For a majority of passenger vehicles that ... Learn More

HSAs and Greater Than 2 Percent Shareholders

Kristy Brown

Health savings accounts (a.k.a. HSAs) are becoming more and more common in the workplace. With an HSA, both the qualifying employee and the employer can contribute to the employee’s HSA. HSAs have many appealing elements – three of those attributes are: 1)When a qualifying individual contributes to his or her HSA, the employee will be able t... Learn More

2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Yeo & Yeo CPAs & Business Consultants

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. O... Learn More

Why You Should Call Your CPA When Disaster Strikes

KayLeigh Stachowiak

When you find yourself in the middle of an unplanned crisis, the last thing you are probably thinking about is your current tax situation. However, if you have been impacted by a sudden unexpected disaster such as the recent flood in our community, it should be on your radar. When you have damage or a total loss of your home or personal pro... Learn Why

3 Breaks for Business Charitable Donations You May Not Know About

Yeo & Yeo CPAs & Business Consultants

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. 1. Food donations Charitable write-offs for donated food (such as by restaurants and grocery stores) are normally limited to the lower of the taxpayer’s ... Learn More