Tax Planning

Year-End Tax and Financial To-Do List for Individuals

Yeo & Yeo CPAs & Business Consultants

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll potentially lose them. (Some plan... Read the to-do list

Impact of Tax Reform on Trusts – Major Deduction Changes Suspended Until 2025

Chelsea Baumgardner

Trusts and estates have been allowed a variety of miscellaneous itemized deductions. However, the Tax Cuts and Jobs Act (TCJA) has changed these deductions. Miscellaneous itemized deductions (MIDS) are generally costs that would be incurred by individuals as well as estates and trusts. MIDS have historically been deductible on both indi... Learn more about the impact of tax reform on trusts

Tax

Treasury Warns of New Collections Scam

Yeo & Yeo CPAs & Business Consultants

Scammers are Attempting to Collect Past-due Tax Debts with Fake Letters Michigan taxpayers with past-due tax debts should be aware of a new scam making the rounds through the U.S. Postal Service, according to the Michigan Department of Treasury. In the scheme, taxpayers are sent what appears to be a government-looking letter about an overdue... Learn how scammers are attempting to collect past-due tax debts with fake letters

Deadline

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Yeo & Yeo CPAs & Business Consultants

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. J... View the Tax Calendar

Forms

New W-4 Form Still in the Works

Yeo & Yeo CPAs & Business Consultants

The familiar W-4 Employee's Withholding Allowance Certificate hasn't undergone many significant changes in recent years. However, as the Tax Cuts and Jobs Act (TCJA) completely overhauled the tax rules for individuals, the IRS has been hard at work revising the W-4. This past summer, the agency released a couple of drafts of the new ver... Learn about the new w-4 form

Catch-up Retirement Plan Contributions can be Particularly Advantageous Post-TCJA

Yeo & Yeo CPAs & Business Consultants

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions can be particul... Learn more about Catch-up Retirement Plan Contributions

Tax

Tax Reform Expands Availability of Cash Accounting

Yeo & Yeo CPAs & Business Consultants

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous an... Read about tax reform expansion

Tax Buton

2018 Year-end Tax Planning Checklist

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo's Year-end Tax Planning Checklist provides action items that may help you save tax dollars if you act before year-end. These are just some of the year-end steps that can be taken to save taxes. Not all actions may apply in your particular situation, but you or a family member can likely benefit from many of them. Your Yeo... Download now