Accelerate Depreciation Deductions with a Cost Segregation Study

Yeo & Yeo CPAs & Business Consultants

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential bene... Learn more about Cost Segregation Studies


The Benefits of Building Philanthropy Into Your Estate Plan

Chelsea Meyer

What do you most want to pass along to the next generation of your family? Is it your wealth? Your values? Statistically, 70% of family wealth is lost by the second generation following the creation of that wealth. By the third generation, this jumps to 90%. This is one of many reasons why individuals are more frequently choosing to pass al... See the benefits of philanthropy


Setting up a Health Savings Account for Your Small Business

Yeo & Yeo CPAs & Business Consultants

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the... Set up an HSA


How to Develop an Ethical Culture in Your School District

Brian R. Dixon

In today’s world of immediate communication, we continually hear about instances of employee fraud at school districts. How can you keep your school district’s name out of the newspaper and off the internet? It all starts with developing an ethical culture and establishing strong internal controls to deter employees from committing fraud... Develop and


Understanding and Controlling the Unemployment Tax Costs of Your Business

Yeo & Yeo CPAs & Business Consultants

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed at a 6% rate would pay FUTA tax of... Understand the unemployment tax costs of your business


Jamie Rivette Receives MICPA Women to Watch Award

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is proud to announce that Jamie L. Rivette, CPA, CGFM, has received the Women to Watch Experienced Leader Award from the Michigan Association of Certified Public Accountants (MICPA). The MICPA awards honor individuals within the accounting profession who have exemplified excellence throug... Read more about Jamie's award

Piggy Bank

Take Advantage of the Gift Tax Exclusion Rules

Yeo & Yeo CPAs & Business Consultants

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For 2019, the... Take advantage of the gift tax rules


The Chances of an IRS Audit are Low, but Business Owners Should be Prepared

Yeo & Yeo CPAs & Business Consultants

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low. T... Be prepared


When is Tax Due on Series EE Savings Bonds?

Yeo & Yeo CPAs & Business Consultants

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action to ensure there’s no loss of interest or unanticipated... When is Tax Due?