IRS Launches IRS2Go Version 5.2 Mobile App

October 13, 2015 by Yeo & Yeo

The IRS has released an official app to better serve smartphone users.

IRS2Go allows users a mobile-friendly way to:

  • Check the status of their tax refund
  • Make payments
  • Stay connected with the IRS on Twitter, Tumblr and YouTube
  • Sign up for helpful tax tips
  • Find local IRS Volunteer Income Tax Assistance (VITA) locations
  • Find local Tax Counseling for...

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New ACA Employer Reporting Requirements Effective Now

October 12, 2015 by Yeo & Yeo

Beginning in 2015, the Affordable Care Act (ACA) enacted two reporting requirements that call for employers to file additional forms with the Internal Revenue Service. The reporting requirements are satisfied by filing Forms 1095-B and 1095-C, along with the respective transmittal Forms 1094.

Under the ACA, Applicable Large Employers (ALEs) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. In addition, organizations that expect to file Forms 1094 and 1095 electronically...

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Gary Riedlinger to Provide Confidential 1-on-1 “QuickCheck” for Reinventing MI Retirement Program

October 9, 2015 by Yeo & Yeo

The Michigan Department of Insurance and Financial Services (DIFS) will hold its second Reinventing MI Retirement program.

Michigan residents age 50+ are encouraged to take advantage of the educational program that will be held at the Doubletree Hotel in Bay City on October 19, 2015, from 9:00 a.m. - 3:00 p.m. The event is free to the public but requires advance registration.

The Director of Tax Services for Yeo & Yeo, Gary Riedlinger, will offer a confidential 1-on-1 “QuickCheck” to those in attendance. As a Personal Financial Specialist (PFS) Gary...

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What You Need to Know Before Donating Collectibles

October 6, 2015 by Yeo & Yeo

If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on collectibles are subject to a higher maximum rate (28%) than long-term gains on most long-term property (15% or 20%, depending on your tax bracket) — so you can save even more taxes.

But choose the charity wisely. For you to receive a deduction equal to fair market value rather than your basis in the collectible, the item must be consistent with...

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IRAs For Teens With Jobs

October 1, 2015 by Yeo & Yeo

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free.

The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible, but distributions will be taxed. Roth IRA contributions aren’t deductible, but qualified distributions will be tax-free.

Choosing a Roth IRA is typically a no-brainer if a teen doesn’t earn income that exceeds the standard deduction ($6,300 for 2015 for single taxpayers), because he or she will likely...

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Swipefin: New Mobile-Friendly Tax Preparation App to Simplify Expense Management

October 1, 2015 by Yeo & Yeo

Swipefin is the first-ever completely mobile accounting solution allowing independent contractors, small business owners, entrepreneurs and freelancers to save time and stress.

Kyle Wills, vice president of Swipefin, said in a statement, “Reliable receipt capture is one of the many ways we’ve been able to modernize tax prep processes; however, we’ve also made it a priority to ensure all information is safe and protected. In addition to using the same technology as banks, Swipefin is a ‘read-only’ app. This means it will only display transactional information and no funds are ever able to be accessed.”

Swipefin has partnered with Intuit, allowing users’ expenses to be automatically transferred from financial institutions across the United States.


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