Real Estate

Records

Records Retention Guidelines to Remember During Spring Cleaning

Yeo & Yeo CPAs & Business Consultants

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep th... Learn more

Fraud

Look Out for These Five Fraud Perpetrators

Amy Buben

The Embezzler. The Common Thief. The Hacker. The Inventor. The Glutton. No, these aren't cartoon villains. They're all-too-real occupational fraud perpetrators who fleeced their employers of thousands — or even millions — of dollars. Although we've attached the names to actual criminals in cases reported by the U.S. Justice D... Look out

Family

Life Insurance Can Be a Powerful Estate Planning Tool For Nontaxable Estates

Yeo & Yeo CPAs & Business Consultants

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates, life insurance ... Life insurance is a powerful tool

Business-Tax

What You Need to Know About Filing Gift and Estate Tax Returns

Yeo & Yeo CPAs & Business Consultants

Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return. Filing a gift tax return Generally, a federal gift tax return (Form 709) is required if you make gifts to or for someone during the y... Learn more about filing gift and estate tax returns

Meeting

An ESOP Can Benefit a Business Owner’s Retirement and Estate Plans

Yeo & Yeo CPAs & Business Consultants

Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for chil... Learn about ESOP's benefits for retirement planning

Family

Building An On-off Switch Into Your Estate Plan

Yeo & Yeo CPAs & Business Consultants

The right estate planning strategy for you likely is the one that will produce the greatest tax savings for your family. Unfortunately, there can be tension between strategies that save estate tax and ones that save income tax. This is especially true now that the Tax Cuts and Jobs Act nearly doubled the gift and estate tax exemption &md... Build your on-off switch

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

2019 Multifamily Property Management Fee Announcements

Bradley DeVries

The Michigan State Housing Development Authority (MSHDA) and the U.S. Department of Agriculture’s Office of Rural Development (RD) recently released the allowable multifamily property management fees for 2019. MSHDA The maximum fees allowed by MSHDA for the 2019 calendar year are as follows: Management fee per unit - $527 Premium ... Learn More

Home Green Home: Save Tax by Saving Energy

Yeo & Yeo CPAs & Business Consultants

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home. Invest in gr... Learn More