Tax Planning

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

Coverdell ESAs: The Tax-Advantaged Way to Fund Elementary and Secondary School Costs

Yeo & Yeo CPAs & Business Consultants

With school out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger. One major advantage of ESAs over another popular education saving tool,... Learn More

5 Tips to Consider Before You Buy a Franchise

Yeo & Yeo CPAs & Business Consultants

For entrepreneurs seeking a lower-risk, turnkey opportunity, a franchise can be a good fit. But to help ensure you are making the right choice be sure to consider: 1. Self Assess. Franchise systems are highly structured and best suited to owners willing to follow rules and listen to feedback. 2. Perform Research. Some franchises are better tha... Learn More

Wedding Bells and Taxes: Tax Issues to Consider Before Tying the Knot

Yeo & Yeo CPAs & Business Consultants

Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here's how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing options for the entire year. If you're married on December 31, you'll have two federal income ... Learn More

Michigan Farmland and Forest Preservation Programs Offer Tax Benefits

Alex Wilson

The State of Michigan has developed several programs that aim to protect and control the use of farmland and forest property. They seek to safeguard open area lands from being turned into commercial or industrial property. This article will outline three programs: The Farmland and Open Space Preservation Program (formerly PA-116), the Co... Do You Qualify?

Do You Know the Tax Implications of Your C Corp.’s Buy-sell Agreement?

Yeo & Yeo CPAs & Business Consultants

Operating a business provides a tax benefit if you have an unprofitable year: You can use the loss to offset other income. But you can lose that tax benefit if the IRS views your business as a hobby. Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an o... Learn More

President Trump Proposes Biggest Individual and Business Tax Cut in American History

Yeo & Yeo CPAs & Business Consultants

The White House released the "core principles" of President Trump's tax plan on Wednesday, April 26, led in a press briefing by Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn. Secretary Mnuchin stated the "core principles" would be worked on with Congress to produce a bill that can be passed. In answer to ... Learn More