Agribusiness

Tax

Tax Reform: Pass-through Deduction Flowchart under the New Tax Code

Yeo & Yeo CPAs & Business Consultants

The Tax Cuts & Jobs Act has introduced a new deduction for pass- through entities. This deduction may have one of the largest impacts on taxpayers of any provision in tax reform. This deduction may also be one of the most complicated provisions in the law. The deduction is generally 20 percent of qualified business income of any pass-th...

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Credentialing Hot Topics

Yeo & Yeo CPAs & Business Consultants

In the world of credentialing, you can always expect changes in the process or variations between insurance carriers. To avoid interruptions in your practice’s reimbursement and revenue cycle, you’ll want to become familiar with the most recent changes. Staying up to date can be challenging, so we’ve compiled a few tips to keep your enro...

Try These Farm Management Practices to Maximize Profits

Alex Wilson

With the advancements in technology – ranging from newer and more efficient machinery, to being able to run your farm from your phone – farmers have more opportunities today than ever before to keep their costs low. Today’s young farmers, many of whom have attended a secondary school specializing in agriculture, have been exposed to thes... Learn More

Succession Planning Requires Smart Strategies

Yeo & Yeo CPAs & Business Consultants

Succession planning is important in any business, but it's sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan. The plan needs to be well thought out and discussed with everyone affected. Don't just assume that a son ... Read More

5 Year-End Business Tax Planning Strategies in Light of Tax Reform

Yeo & Yeo CPAs & Business Consultants

It's not too late! You can still take steps to significantly reduce your business's 2017 income tax bill and possibly lay the groundwork for tax savings in future years. Here are five year-end tax-saving ideas to consider, along with proposed tax reforms that might affect your tax planning strategies.  1. Jug... Learn More

2018 Payroll Changes

Christine Porras

Paying people used to be simple. More and more federal and state regulations have complicated the payroll process. Important changes in 2018 include the State of Michigan minimum wage increase to $9.25 per hour for wages earned starting January 1, 2018. Following are changes for 2018. 2018 Payroll Changes Social Security Wage Base. T... Learn More

Why the Three Key Elements of Integrity are Critical for Your Accountant

Jacob R. Sopczynski

Have you ever thought about the integrity of your accountant? Integrity can have a different meaning to each individual and a slightly different interpretation for each professional industry. For many, integrity is incorruptibility, completeness, and communication. Sounds simple enough, right? Now, how do these three key elements apply to the pr... Learn More

Consider Retirement Plans in Year-end Tax Planning for Your Farm or Agribusiness

Peter Bender

As the end of 2017 rapidly approaches, it is time to start thinking about year-end tax planning for your farm or agribusiness. While year-end planning can involve a variety of topics, one tool that is often overlooked in the agricultural community is the use of retirement plans. Depending on the type of plan you have set up, the use of r... Learn More

2017 Might be Your Last Chance to Hire Veterans and Claim a Tax Credit

Yeo & Yeo CPAs & Business Consultants

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. ... Learn More

How Does Section 179 Apply to Vehicles?

Kristy Brown

Many business owners have heard of the Section 179 deduction in relation to capital assets that are purchased. However, special rules are in effect regarding Section 179 as it relates to the purchase of vehicles. Read on to see if your vehicle purchase will qualify for the Section 179 deduction. For a majority of passenger vehicles that ... Learn More