News

Agribusiness Seminar for Today & Tomorrow — Managing Market Risks + Transitioning Your Family Farm

August 17, 2016 by Yeo & Yeo

Yeo & Yeo is pleased to host a breakfast seminar on August 30 featuring Mark Gold of Top Third Marketing and Kent Creager of Nationwide.  

Join us for breakfast on Tuesday, August 30, from 8:00 to 11:00 a.m. at Horizons Conference Center.

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Succession Planning for Farm Families

August 15, 2016 by Yeo & Yeo

Ninety-seven percent of all farms in the United States are family-owned, but the vast majority of those operations do not have a succession plan in place. In today’s agribusiness environment, it is crucial to be proactive in terms of planning, because nothing is guaranteed. Succession planning can be a very emotional process for all the parties involved, but it is crucial to secure the future of both the farm and the individuals who take part.

Family farms face unique challenges

Numerous aspects need to be addressed, and each situation is unique. The elder generation may have a difficult time letting go of the operation they ...

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Are You Receiving the Maximum Credit Allowed for Property Taxes Paid on Your Farm?

July 7, 2016 by Yeo & Yeo

 When it comes to farmers and the Michigan Homestead Property Tax Credit, taxes paid on property other than your principle residence may also be eligible for the credit. Depending on your total gross receipts from farming activities and other sources of income you may have in a given year, all or a portion of the property taxes you pay on agricultural property may be claimed for the credit in addition to the taxes paid on your residence.

Unsure if you are eligible to claim the Michigan Homestead Property Tax Credit? You may claim the credit if all of the following apply:

  • Your homestead is located in Michigan
  • You were a Michigan resident...

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Pro Bono CPA Services for Growing Companies in Michigan

July 1, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants is going into its fourth 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 companies with professionals who will provide legal, accounting and other services at little to no cost.

In January 2013, Yeo & Yeo committed to donate up to a grand total of $250,000 in services to select Pure Michigan Business Connect program participants over a five-year period, 2013 through...

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Don't Overlook Miscellaneous Itemized Deductions

May 9, 2016 by Yeo & Yeo

Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction.

Most itemized deductions are well known and fairly well-understood. Examples include property taxes, home mortgage interest, state and local income taxes, charitable donations and medical expenses.

But you can also write off miscellaneous itemized deductions. These are less well known and not always understood, so you may be missing out. Here's what you need to know to keep that from happening.

Deduction Basics

Miscellaneous itemized deductions fit into two categories.

    1. Items that, when added together, can be deducted only...

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Yeo & Yeo’s Michael Espinoza Named Volunteer of the Year by Junior Achievement of Northeast Michigan

May 2, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants is pleased to announce that Junior Achievement of Northeast Michigan has named Michael L. Espinoza, CRPC, one of its two Volunteers of the Year. Espinoza was honored at the Junior Achievement Hall of Fame awards dinner on April 28 at the DoubleTree Hotel in Bay City.

Click here to see photos of Michael Espinoza's dedication to community service and read about the appreciation individuals throughout the community have for his faithful volunteerism.
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