Tax Planning

Tax Cuts and Jobs Act: Key Provisions Affecting Businesses

Yeo & Yeo CPAs & Business Consultants

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the most significant changes. They generally apply to tax years beginning af... Learn More

New Tax Law Gives Pass-through Businesses a Valuable Deduction

Yeo & Yeo CPAs & Business Consultants

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — alb... Read More

The Tax Cuts and Jobs Act Temporarily Expands Bonus Depreciation

Yeo & Yeo CPAs & Business Consultants

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2... Learn More

Don’t be a Victim of Tax Identity Theft: File Your 2017 Return Early

Yeo & Yeo CPAs & Business Consultants

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? But i... Read More

Key Provisions of the Tax Reform Bill – Vote Expected This Week

David Jewell

Early Friday evening, Congressional GOP leaders agreed upon a tax reform bill that both the House and the Senate are expected to vote on this week. If passed, the bill will go to President Trump for his signature. Key provisions of the bill are as follows: Individual provisions Seven marginal tax brackets are retained, ... Read More

Succession Planning Requires Smart Strategies

Yeo & Yeo CPAs & Business Consultants

Succession planning is important in any business, but it's sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan. The plan needs to be well thought out and discussed with everyone affected. Don't just assume that a son ... Read More

Reduce Your 2017 Tax Bill by Buying Business Assets

Yeo & Yeo CPAs & Business Consultants

Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases. Section 179 expensing Sec. 179 ex... Learn More

Breaking News for Individual Taxpayers

Yeo & Yeo CPAs & Business Consultants

The House has released a tax bill. This bill contains sweeping changes for both businesses and individuals. Most provisions are effective for tax years beginning after 2017. What happens from here? The Senate will introduce its version of the bill. The Joint Committee will be charged with hammering out the differences and produci... Learn More

Breaking News for Business Taxpayers

Yeo & Yeo CPAs & Business Consultants

The House has released a tax bill. This bill contains sweeping changes for both businesses and individuals. Most provisions are effective for tax years beginning after 2017. What happens from here? The Senate will introduce its version of the bill. The Joint Committee will be charged with hammering out the differences and p... Learn More

2017 Might be Your Last Chance to Hire Veterans and Claim a Tax Credit

Yeo & Yeo CPAs & Business Consultants

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. ... Learn More