Construction

Road

Higher Mileage Rate May Mean Larger Tax Deductions for Business Miles in 2019

Yeo & Yeo CPAs & Business Consultants

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage rate Busine... Learn more about the higher mileage rate

Webinar

Webinar: Revenue Recognition — What Manufacturers and Contractors Need to Know About the New Standard

Yeo & Yeo CPAs & Business Consultants

Wednesday, November 7, 201811:30 AM - 12:30 PM EST Webinar has passed, visit our Events page for future webinars.View a recording of the webinarView the presentation slides Concerned about revenue recognition's impact on your business? With the deadline quickly approaching for private companies to implement the new rev... Read more about the webinar

Contractor

Independent Contractor vs. Employee: Worker Classification Matters

Christine Porras

Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t be further from the truth. Improper classification of workers comes at a high cost, and both federal and state authorities have been cracking do... Learn about Independent Contractor vs. Employee: Worker Classification

Could A Cost Segregation Study Help You Accelerate Depreciation Deductions?

Yeo & Yeo CPAs & Business Consultants

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain dep... Learn more about the cost segregation study

Make Sure Repairs to Tangible Property Were Actually Repairs Before You Deduct the Cost

Yeo & Yeo CPAs & Business Consultants

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax retu... Learn More

Residential and Commercial Construction Outlook: What to Expect in 2018

Alex Wilson

Wrapping up the end of 2017, the Bureau of Labor Statistics reported that the construction industry added 30,000 jobs in December. Throughout all of 2017, the construction industry added 210,000 jobs, a 35 percent increase over 2016.. While residential and commercial builders are optimistic, the new year will not be without its challenge... Learn More

How Does Tax Reform Affect the Construction Industry?

Alex Wilson

In December 2017, the Tax Cuts and Jobs Act (TCJA) was passed and resulted in sweeping changes to the tax code. Within this immense overhaul are two critical changes that all construction companies need to know about in order to stay ahead in their businesses. Some rules and planning strategies that worked in the past to limit taxable in... Learn More

Three Questions to Ask Your IT Staff About Cybersecurity

Joe Malott

As a responsible party to the security of your companies data, it boils down to a simple question – when it comes to cybersecurity, how do you know that your organization is secure? Yeo & Yeo Computer Consulting is providing three questions, and a little background about each topic, so you can be confident when reporting to ... Learn More

Unclaimed Property – State of Michigan Filing Requirements

Kristi Krafft-Bellsky

It’s that time of the year when the State of Michigan would like all organizations to look through their bank reconciliations to determine if there are any uncleared checks that have reached a dormancy period as of March 31, 2018, that would require reporting to the state. A general rule of thumb is that the dormancy period is one year f... Learn More

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...