Tax Planning

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Some of Your Deductions May be Smaller When You File Your 2018 Tax Return

Yeo & Yeo CPAs & Business Consultants

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local tax deduction. ... Will your deductions be smaller?


3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

Yeo & Yeo CPAs & Business Consultants

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The de... Read the 3 Big TCJA Changes


Making Smart Mergers and Acquisitions under Today’s Tax Law

Yeo & Yeo CPAs & Business Consultants

Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act (TCJA). And some will spend their tax savings on merging with or acquiring another business. Before you jump on the M&A bandwagon, it's important to understand how your transaction will be taxed under current tax law. Stock vs.... Learn how to make smart mergers under today's tax law

Why You Shouldn’t Wait to File Your 2018 Income Tax Return

Yeo & Yeo CPAs & Business Consultants

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What is tax identity theft? In a tax identi... Why you shouldn't wait to file


Fundamental Tax Truths for C Corporations

Yeo & Yeo CPAs & Business Consultants

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed once at the co... Learn the fundamental tax truths for C corporations


Be Ready for Scams this Tax Season

Yeo & Yeo CPAs & Business Consultants

Each year, thousands of taxpayers are tricked into revealing their personal information online and lose millions of dollars. A recent phishing attempt targeted Michigan business taxpayer W-2 forms. The IRS compiles annually its “Dirty Dozen,” a list of common scams that taxpayers may encounter at any time of year, but peak during fi... Be ready for scams this tax season


IRS Warns of New Scam — Falsely Filed Returns with Refunds Deposited into Taxpayer’s Account

Yeo & Yeo CPAs & Business Consultants

The Internal Revenue Service issued a new warning for taxpayers to be alert for a quickly growing scam involving erroneous tax refunds being deposited into taxpayers’ bank accounts. Criminals have put a new twist on an old scam: They file fraudulent tax returns and use taxpayers' real bank accounts for the deposit of the fraudulent refund...

Beware of Phony IRS Calls

Yeo & Yeo CPAs & Business Consultants

Taxpayers around the area continue to receive calls from alleged IRS representatives stating that "This is a final notice from IRS that we are filing a lawsuit against you." The callers are often rude and belligerent. If you are not home they will leave a message and tell you to call a phone number. This is a scam and is intended to steal in... Learn about phony IRS calls

File Early to Avoid Identity Theft

Yeo & Yeo CPAs & Business Consultants

If you’re like many Americans, you may not start thinking about filing your tax return until the deadline. Filing as close to the start date as possible could protect you from tax identity theft. How filing early helps In this increasingly common scam, thieves use victims’ personal information to file fraudulent tax returns electronically ... File early