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Yeo & Yeo’s tax professionals develop tax-planning strategies to optimize profitability for businesses, organizations and individuals. They are knowledgeable in tax law compliance at the federal, state and local levels. Yeo & Yeo’s tax experts can review your current situation, explain the new tax laws, and help you develop an individualized tax plan to meet your short- and long-term goals.
Financial Bailout Package
Congress recently passed, and the President signed, several bills collectively called the financial bailout package. Included in these bills was the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. Click here for more information on the financial bailout.
New Housing Act Provides Tax Relief for Individuals
The Housing and Economic Recovery Act of 2008 is designed primarily to help troubled borrowers and their lenders, including Fannie Mae and Freddie Mac. It also provides incentives and tax breaks for certain homebuyers and homeowners. Click here for a summary of the major tax aspects of this important legislation. Contact your local Yeo & Yeo tax professional if you have questions or want to talk about strategies for minimizing your taxes for 2008 and beyond.
IRS Mileage Rate Increases
Effective July 1, 2008 the IRS has increased the optional standard mileage rates to 58.5 cents per mile for all business miles, and to 27 cents per mile for deductible medical or moving expense miles driven, from July 1, 2008 through December 31, 2008. The rate for providing services for charitable organizations is set by statute, not by the IRS, and remains at 14 cents per mile.
Michigan Minimum Wage Increases
Effective July 1, 2008, the State of Michigan minimum wage increased to $7.40. The federal minimum wage is currently $5.85 and will increase to $6.55 per hour on July 24, 2008. Most businesses will be required to follow state law because it sets a higher standard. Click here for more important information about the minimum wage increase.
Federal Minimum Wage Increase
On May 25, 2007, the President signed legislation increasing the federal minimum wage for the first time since 1997. The federal minimum wage increased to $5.85 per hour effective July 24, 2007, and it will increase to $6.55 per hour on July 24, 2008. Another increase will take effect in July 2009. Click here for details.
Michigan Business Tax
Recently Governor Granholm signed into law the Michigan Business Tax or MBT. A summary of the more important features of the new legislation is available to help you understand the impact on your Michigan business operation. Additional legislation is expected to clarify and modify specific provisions of the bill which takes effect January 1, 2008. Click here for more information.
Financial Calculators
Yeo & Yeo’s website offers easy-to-use, online calculators. Financial calculators help you calculate future IRA values, car payments, lease payments, renting a home vs. buying, how much to save for college and more. Click here for access to our financial calculators.
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