Tax Planning

Do You Need to File a Gift or Estate Tax Return?

Thomas E. Coulter

If you have made substantial gifts to your loved ones, or if you are the executor of someone’s estate, it is important to understand the rules surrounding gift and estate tax returns. Determining whether you need to file a return can be confusing, and in some cases it is advisable to file a return even if it is not required. Here is a brief summ... Learn More

When an Elderly Parent Might Qualify as Your Dependent

Yeo & Yeo CPAs & Business Consultants

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent ... Learn More

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

Yeo & Yeo CPAs & Business Consultants

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think. Limits on the de... Learn More

Updated 2017 Tax Calendars

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo's Tax Services Group is pleased to provide updated tax calendars for your use. Please refer to Yeo & Yeo's  2017 Tax Calendar for Businesses and 2017 Tax Calendar for Individuals and Trusts. The revised calendars reflect a recent change whereby the IRS provided a 30-day extension of the due date for Affordabl... Get Updates

Pro Bono CPA Services for Growing Companies in Michigan

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is going into its fifth year of helping to advance Michigan’s growth by nurturing companies through pro bono services under the Pure Michigan Business Connect initiative. This initiative, developed by the Michigan Economic Development Corporation (MEDC), connects early-stage Michigan com... Learn More

Year-End Tax Strategies for Accrual-Basis Taxpayers

Yeo & Yeo CPAs & Business Consultants

The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. Record and recognize The key to saving tax as an accrual-basis taxpayer is to properly record and recognize expenses that were incurred this year but won’t be paid... Learn More

Can You Pay Bonuses in 2017 but Deduct Them This Year?

Yeo & Yeo CPAs & Business Consultants

You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company). But this favorable tax treatment isn’t always available. For one thing, only accrual-basis taxpayers can take advantag... Learn How

What the Self-Employed Need to Know About Employment Taxes

Yeo & Yeo CPAs & Business Consultants

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax. The taxes are split equally between the emp... Learn More

A Brief Overview of the President-elect’s Tax Plan for Individuals

Yeo & Yeo CPAs & Business Consultants

Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals: Red... Learn More

A Quick Look at the President-elect’s Tax Plan for Businesses

Yeo & Yeo CPAs & Business Consultants

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing the corporate altern... Learn More