Tax Planning

Warning

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

Road

Higher Mileage Rate May Mean Larger Tax Deductions for Business Miles in 2019

Yeo & Yeo CPAs & Business Consultants

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage rate Busine... Learn more about the higher mileage rate

Bulb

How to Calculate Taxable Parking Expenses

Wendy Thompson

“Taxable expenses” seems like an oxymoron. What we are talking about is really expenses that are nondeductible to for-profits, and Congress decided that to put nonprofits on a level playing field, those expenses would be taxable. There has been a large uproar from the nonprofit community about these “taxable expenses” and even more so since the ... Learn how to calculate taxable parking expenses

Tax

IRS Confirms Tax Filing Will Open January 28

Yeo & Yeo CPAs & Business Consultants

The IRS has confirmed that it will begin accepting and processing 2018 tax returns on January 28, 2019, and that it will pay tax refunds despite the partial shutdown of the federal government. The IRS said Congress has directed the payment of all tax refunds through a permanent, indefinite appropriation. This year, the deadline to file ... Will issue tax refunds despite government shutdown

Money

Is There Still Time to Pay 2018 Bonuses and Deduct Them on Your 2018 Return?

Yeo & Yeo CPAs & Business Consultants

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year if the bonuses are paid ... Is there still time to pay 2018 bonuses and deduct them?

A Refresher On Major Tax Law Changes For Small-business Owners

Yeo & Yeo CPAs & Business Consultants

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan a... Learn more about the refresher on major tax law changes for small-business

Business Owners: An Exit Strategy Should Be Part Of Your Tax Planning

Yeo & Yeo CPAs & Business Consultants

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future. For example, you need to develop an exit strategy so that taxes don’t trip you up when you reti... Learn more about the exit strategy