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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.
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.
Economic Stimulus Act of 2008
On February 13, President Bush signed the Economic Stimulus Act of 2008. The law is designed to boost the US. economy by providing tax rebates to individuals and tax incentives for businesses. Click here for more information.
Michigan Income Tax and Sales Tax Changes
On October 1, 2007, the Michigan State Legislature reached an agreement regarding revenue increases to balance the 2007-2008 State Budget. Click here for more information.
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.
Small Business and Work Opportunity Tax Act of 2007
On May 25, the President signed the Small Business and Work Opportunity Tax Act of 2007. This new legislation, designed in part to soothe the burden on small business of an increase in the minimum wage, contains an assortment of tax relief and revenue raising provisions. Click here for more information about the main tax provisions under the new law.
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.
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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