Tax Planning

HSA

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

Business-Tax

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

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

Team

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

Tax

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?

Light bulbs

How to Treat Your Business Website Costs for Tax Purposes

Yeo & Yeo CPAs & Business Consultants

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official guidance on these costs yet. Consequently, you must apply existin... Learn more

Business Owner

External Factors in a Business Valuation

Christopher Sheridan

Do you know what your business is worth right now? Practically speaking, it is worth what the highest bidder is willing to pay for it -- no more or no less. Nevertheless, by taking all the relevant factors into account, you can position yourself for the best possible deal. The first step is to have a business valuation prepared for your comp... Do you know what your business is worth?

Meeting

Create a Plan for Family Business Succession

Yeo & Yeo CPAs & Business Consultants

Sooner or later, it will be time to "hand over the reins" to the younger generation. But it's not as simple as walking out the door at retirement time with a few plaques in your hands. In order to improve the odds for continued success of your family business, you need to develop a plan of succession. This situation may be complicated ... Read more about the plan

Coins

5 Ways to Withdraw Cash From Your Corporation While Avoiding Dividend Treatment

Yeo & Yeo CPAs & Business Consultants

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Different appro... Read the 5 ideas.