Tax Planning

Individual Tax Calendar: Important Deadlines for the Remainder of 2018

Yeo & Yeo CPAs & Business Consultants

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in... Learn More

TCJA Changes to Employee Benefits Tax Breaks: 4 Negatives and a Positive

Yeo & Yeo CPAs & Business Consultants

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 breaks curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax bre... Learn More

IRS Encourages 'Paycheck Checkup' for Taxpayers to Check Their Withholding

Yeo & Yeo CPAs & Business Consultants

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers and businesses. New Tax Reform Web Page. The IRS created the Tax ... Learn More

A Net Operating Loss on Your 2017 Tax Return Isn’t All Bad News

Yeo & Yeo CPAs & Business Consultants

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs. Pre-TCJ... Learn More

You Still Have Time To Make 2017 IRA Contributions

Yeo & Yeo CPAs & Business Consultants

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. Don’t lose the opportunity The 2017 limit f... Learn More

2018 Q2 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 second quarter of 2018. 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. ... Learn More

Home-Related Tax Breaks Are Valuable on 2017 Returns

Yeo & Yeo CPAs & Business Consultants

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file ... Learn More

Defer Tax With a Section 1031 Exchange, But New Limits Apply This Year

Yeo & Yeo CPAs & Business Consultants

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What is a like-kind exchange? Sectio... Learn More

Make Sure Repairs to Tangible Property Were Actually Repairs Before You Deduct the Cost

Yeo & Yeo CPAs & Business Consultants

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax retu... Learn More

Puzzle

Changes Coming for Alimony Tax Deduction

David Jewell

Historically, if an individual paid alimony or separate maintenance to their former spouse, they could deduct on their federal individual income tax return an amount equal to the alimony or separate maintenance payments paid during the year as an “above-the-line” deduction. This kind of deduction allows a taxpayer to directly reduce his ... Learn More