Tax Planning

Michigan Farmland and Forest Preservation Programs Offer Tax Benefits

Alex Wilson

The State of Michigan has developed several programs that aim to protect and control the use of farmland and forest property. They seek to safeguard open area lands from being turned into commercial or industrial property. This article will outline three programs: The Farmland and Open Space Preservation Program (formerly PA-116), the Co... Do You Qualify?

Do You Know the Tax Implications of Your C Corp.’s Buy-sell Agreement?

Yeo & Yeo CPAs & Business Consultants

Operating a business provides a tax benefit if you have an unprofitable year: You can use the loss to offset other income. But you can lose that tax benefit if the IRS views your business as a hobby. Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an o... Learn More

President Trump Proposes Biggest Individual and Business Tax Cut in American History

Yeo & Yeo CPAs & Business Consultants

The White House released the "core principles" of President Trump's tax plan on Wednesday, April 26, led in a press briefing by Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn. Secretary Mnuchin stated the "core principles" would be worked on with Congress to produce a bill that can be passed. In answer to ... Learn More

Turning Next Year’s Tax Refund into Cash in Your Pocket Now

Yeo & Yeo CPAs & Business Consultants

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Fortunately, there is a way t... Learn How

A Timely Postmark on Your Tax Return may not be Enough to Avoid Late-filing Penalties

Yeo & Yeo CPAs & Business Consultants

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient. An example Let’s say yo... Learn More

Do You Need to File a Gift or Estate Tax Return?

Thomas E. Coulter

If you have made substantial gifts to your loved ones, or if you are the executor of someone’s estate, it is important to understand the rules surrounding gift and estate tax returns. Determining whether you need to file a return can be confusing, and in some cases it is advisable to file a return even if it is not required. Here is a brief summ... Learn More

When an Elderly Parent Might Qualify as Your Dependent

Yeo & Yeo CPAs & Business Consultants

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent ... Learn More

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

Yeo & Yeo CPAs & Business Consultants

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think. Limits on the de... Learn More

Updated 2017 Tax Calendars

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo's Tax Services Group is pleased to provide updated tax calendars for your use. Please refer to Yeo & Yeo's  2017 Tax Calendar for Businesses and 2017 Tax Calendar for Individuals and Trusts. The revised calendars reflect a recent change whereby the IRS provided a 30-day extension of the due date for Affordabl... Get Updates

Pro Bono CPA Services for Growing Companies in Michigan

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is going into its fifth year of helping to advance Michigan’s growth by nurturing companies through pro bono services under the Pure Michigan Business Connect initiative. This initiative, developed by the Michigan Economic Development Corporation (MEDC), connects early-stage Michigan com... Learn More