Tax Planning

The TCJA Prohibits Undoing 2018 Roth IRA Conversions, 2017 Conversions Are Eligible

Yeo & Yeo CPAs & Business Consultants

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts ... Learn More

An FLP Can Save Tax in a Family Business Succession

Yeo & Yeo CPAs & Business Consultants

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help own... Learn More

Webinar: What Does the Wayfair Ruling Mean for Your Business?

Yeo & Yeo CPAs & Business Consultants

Wednesday, August 15, 201811:30 AM - 12:30 PM EST Register for the webinarVisit our Events page for revordings of past webinars. Do you have customers outside of your home state? If so, this ruling may impact you. In the most notable sales tax case in the past 25 years, the U.S. Supreme Court announced in June its highly anticipated dec... Learn More

Do You Qualify for the Home Office Deduction?

Yeo & Yeo CPAs & Business Consultants

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses Homeowners know that they can clai... Learn More

Why The “Kiddie Tax” Is More Dangerous Than Ever

Yeo & Yeo CPAs & Business Consultants

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, ... Learn More

Close-up On The New QBI Deduction’s Wage Limit

Yeo & Yeo CPAs & Business Consultants

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equa... Learn More

What You Can Deduct When Volunteering

Yeo & Yeo CPAs & Business Consultants

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible. It doesn’t matter if it’s s... Learn More

How to Avoid Getting Hit with Payroll Tax Penalties

Yeo & Yeo CPAs & Business Consultants

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — includin... 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