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- Vote! - Reader Rankings 2018

Posted by Admin Posted on Mar 20 2018


The The Journal Record Reader Rankings are out & we made the list!!! Vote for all your favorite OKC spots - ESPECIALLY Hyde & Co as Best Accounting Firm (#5) 





THANK YOU EVERYONE for your support! 



Audit Proof Your Tax Return

Posted by Admin Posted on Mar 16 2018

5 Great Tax Secrets

Posted by Admin Posted on Mar 08 2018

Decisions & Consequences

Posted by Admin Posted on Mar 08 2018

Hyde & Company’s character trait for reflection during March is DECISIVENESS.


We all come to a point in life, a monumental, life-changing moment, where we have to make a hard decision; sometimes it will be the hardest decision you will make in your life.  On the other hand, some of us have to make hard decisions nearly every single day.  But how do we know if we're making the RIGHT decision?  I don't know that we will ever know the answer to that question.  However, we CAN control how we approach each decision to secure the best possible overall outcome for all parties involved.  Below are some steps to help you along the way.



Preparation is the foundation for decisiveness.  Choose an option that most closely matches your inner values and you will be happier and less stressed.

What are your core values?

What can happen if you make decisions that go against what you value?




Make sure you are willing to do what is necessary to make your decision work.

Why is it important for others to see that you are committed to your decision before they agree to follow you?

What message does it send to others if you are unwilling to do what is necessary, yet you want them to sacrifice to reach a goal?



Make good decisions with confidence and you will inspire others around you.

Who is someone you know who inspires you? What do they do that gives you confidence in them?

How does it make you feel when others trust you to make decisions?

The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.



Make a Pledge!

Posted by Admin Posted on Mar 06 2018


We see endless potential in building a better future for our community in which we serve.  Through one of our core values of stewardship, Hyde & Co. supports many local and national non-profit organizations.  Through the April 17th tax deadline, we are going to raise awareness for three incredible organizations:

                              Limbs for Life Foundation               YWCA of Oklahoma City                         My Heart's Appeal



How can YOU be invovled?

Pick one of these organizations and we will write your name on a Pledge Card to be displayed in our lobby area.  Tell us who you choose - Send us a message on Facebook!

Now obviously...there's no wrong choice!  We just want to make sure ALL of these organizations are shown a great amount of love & support!



Proving Your Deductions

Posted by Admin Posted on Feb 23 2018

Be True

Posted by Admin Posted on Feb 06 2018

Hyde & Company’s character trait for reflection during February is HONESTY


It is of great value to be known as an honest person - by reputation and by character.  Generally the people we trust the most in our lives are the ones who are also the most honest.  However, the key to being a honest but trustworthy person is to not use it as an excuse to be cruel.  Being honest but also kind and considerate of others' feelings makes you honorable and helps build relationships.  Let's take a look at what we can do to stay more honest and build trust...



If something doesn't feel right, ask yourself why.  When someone points out a blind spot, listen to his or her perspective.

How should you respond when someone corrects you?



Honesty builds trust and trust is the currency of relationships.

How can helping someone through a problem strengthen your relationship?

Think about a time when you had to have a difficult conversation.  How did you approach it? How did you feel afterward?



An honest and truthful person is loyal to family and friends, keeps commitments, doesn't cheat and takes care of quality issues.

How is "quality control" a part of being honest?

Why is it important to be an honest employee?

If you see yourself as an honest person...dig deep...What are some things you can improve?

The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

2017 Tax Business Highlights

Posted by Admin Posted on Jan 31 2018

Tax Cuts & Jobs Act

Posted by Admin Posted on Jan 31 2018

2018 Business Personal Property Returns

Posted by Admin Posted on Jan 18 2018


Every year, all business entities are required to file Form 901, Business Personal Property Return, with the county assessor’s office to report tangible assets as they exist on January 1st.  The due date for filing this year’s return is March 15, 2018.  This return CANNOT be extended – Penalties will be applied if not filed by the due date.

If we prepared Form 901 for you last year, we have uploaded a copy of the 2016 Depreciation Report to your client portal.  Please review this report, then fill out the form that was sent to you and return it to our office no later than Friday, February 16th.  If you are a current client and would like for us to prepare your Business Personal Property Return, contact us ASAP.



2018 Tax Season Information

Posted by Admin Posted on Jan 09 2018


The new tax season is here and we look forward to working with everyone this year!  Below are the due dates for this year's tax season.


Where to Send Your Info

The number one target for online data thieves is tax preparation offices.  Stolen data often occurs when information is transmitted via email.  In order to reduce risk & increase data theft protection for you, please upload your files using File Exchange on your client portal at  When using File Exchange, please be sure to upload all documents within one or two attempts.  Documents uploaded to File Exchange are stored for only 2 weeks to ensure orderliness & reduce clutter.



S Coporations (Form 1120S) & Partnerships (Form 1065)

Due Date: March 15th

Cutoff Date to Turn in Information for Prep: February 21st



C Corporation (Form 1120)

Due Date: April 16th

Cutoff Date to Turn in Information for Prep: March 23rd



Trusts/Estates (Form 1041)

Due Date: April 16th

Cutoff Date to Turn in Information for Prep: March 23rd



Individuals (Form 1040)

Due Date: April 16th

Cutoff Date to Turn in Information for Prep: March 23rd

Find your organizer < here >




The Glass is Half-Full

Posted by Admin Posted on Jan 02 2018

Hyde & Company’s character trait for reflection during January is POSITIVITY


"New Year, New Me!"...It's a common phrase we hear from friends & family to start off any new year.  But how can we really "recreate" ourselves?  Maintaining a positive attitude can go a long way toward improving your outlook on life, thus, creating a better environment around you.  Being a positive person can be draining, especially when it seems like there are so many bad things happening around us.  This month we are encouraging each other in our office, & everyone else, to strive to be the type of person who looks on the bright side & tries to make the best out of every situation.  Here's to a good 2018!



Recognize & appreciate the good things in life - You can usually find something positive when you intentionally look for it.

Do you know anyone who is a very positive person?  How do you feel when you're around them?



If you have a hard time staying positive about your own situation, try to spread good cheer to others.

Think about someone who has encouraged you.  What did they do and/or say to make your situation better?

What can you do for an "energy draining" person to help them regain a positive outlook?



It's easier to maintain a good attitude when you know your life will count for something - when you know you're making a difference.

What are things that give you meaning in life?  Are you a good worker, sister/brother, parent, etc.?  What are some ways you can make a positive difference in your life & in the lives of others?

Think of someone you know who makes a difference.  What type of attitude do they exhibit when they are serving others?

The information above was provided by Strata Leadership.  Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.


2018 Hyde & Co. Calendar

Posted by Admin Posted on Dec 28 2017


Download Hyde & Co.'s 2018 Calendar



Tax Reform Committee Agreement Highlights

Posted by Admin Posted on Dec 27 2017
The new tax bill, which Congress passed last week, represents the most significant changes to the U.S. Tax Code in the past 30 years!
We are still digesting the 1000+ pages of the agreement which will affect 2018 income taxes. Each business & individual tax situation is different. If you would like to discuss how the changes will affect you, please call our office to let us know when you would like to meet.
Below are highlights from the bill:
Individual & Estate/Gift Tax
  • New income tax rates & brackets
  • Standard deduction increased
  • Personal exemptions suspended
  • New limitations on excess business loss
  • Alimony deduction by payer/inclusion in income by payee suspended
  • State & local tax deduction
  • Mortgage & home equity indebtedness interest deduction limited
  • Misc itemized deductions suspended (including unreimbursed employee business expenses, investment fees & tax preparation fees
  • No deduction for amount paid for college athletic seating rights
  • Medical expenses deduction threshold temporarily reduced
  • Charitable contribution deduction limitation increased
  • Deduction for personal casualty & theft losses suspended
  • Gambling loss limitation modified
  • Overall limitation on itemized deductions suspended
  • Child tax credit increased
  • Moving expenses deduction suspended
  • Obamacare individual coverage mandate permanently repealed
  • AMT retained, with higher exemption amounts
  • Estate & gift tax retained, with increased exemption amount
Business Tax Changes
  • Corporate tax rates reduced
  • Limits on deduction of business interest
  • Like-kind exchange treatment limited
  • 50% deduction for business-related entertainment, amusement, or recreation eliminated
  • Increased Section 179 expensing
  • Temporary 100% cost recovery of qualifying business assets
  • Luxury automobile depreciation limits increased
  • Recovery period for real property shortened
  • AMT repealed
  • Modification of NOL deduction
  • Domestic production activities deduction repealed
  • Dividends-received deduction percentages reduced
  • Rehabilitation credit limited
  • New credit for employer-paid family & medical leave
Pass-Through Income
  • 20% business income deduction (with limitations based on W-2 wages & capital) for owners in partnerships & S Corporations & for Sole Proprietors; deduction does not apply to professional service businesses



2017 1099 & W-2 Filing Requirements

Posted by Admin Posted on Dec 14 2017


2018 is getting closer & closer - It's time to gather year-end items!  Below we have listed items that we find most important for the time being... If you're a client of Hyde & Co., please review carefully only the items that apply to you.  You should have (or will be) received a packet in the mail to help assist you with this information.  Should you have any questions, don't hesitate to give us a call!


Form 1099s

Under the IRS regulations, if any reportable payments were made during the year, Form 1099s must be filed & the 1099 amounts must be reported on the company's business tax return or your Schedule C.  If Hyde & Company is preparing your 2017 1099s, the cutoff date to turn information to our office is January 12.  The filing due date is January 31, 2018.  In order to prepare a 1099, you would need the following information:

  • Vendor Name
  • Vendor SSN/EIN
  • Total amount paid in 2017
  • Mailing Address



Personal Use of Company Auto (C Corporations & S Corporations Only) - Reported on W-2

Taxable fringe benefits from the personal use of a company automobile must be included as compensation on a W-2 and other payroll tax forms.  An employee is responsbile for the employee portion of the Social Security and Medicare taxes.  Federal income tax should also be withheld.  Here is the information that needs to be reported:

  • Description of car (make, model, year)
  • Total miles driven in 2017
  • Personal use %



Health Insurance Premiums Paid by the Company (S Corporations Only) - Reported on W-2

Accident & health insurance premiums paid by an S Corporation on behalf of a greater than 2% shareholder-employee must be included in the sharedholer's taxable income, subject to income tax withholding.  However, the premiums are not subject to Social Security, Medicare & unemployment taxes if insurance coverage was offered on a nondiscriminatory basis to all employees.  The portion of the premium paid by the shareholder-employee is not included in compensation.  The following information is needed for W-2 reporting:

  • Full name
  • SSN
  • Amount paid by S Corp in 2017



Filing requirements for 1099s & W-2s



2017 Is Almost Over - Are You Prepared?

Posted by Admin Posted on Dec 07 2017


As each year draws to a close, we advise you to revisit your tax management strategies and plan as judiciously as possible for the remainder of the year and, in some cases, for the years ahead.  However, with proposed tax reform legislation making its way through Congress, things are more complicated this time.  The final package, if enacted, will very likely bring changes that could affect both your business (if applicable) and personal tax planning.


In anticipation of lower tax rates in 2018, the general guidance for most individuals is to defer income until 2018.  Furthermore, the possibility of many deductions being repealed in 2018 makes it imperative to accelerate those into 2017.  The deductions that are at risk for 2018 include the following:

  • State and Local Income Taxes – because this tax break is likely to be eliminated, mail your 4th quarter estimate due in January by December 31st to claim the deduction in 2017.


  • Residential Real Estate Taxes – with a possible $10,000 cap or even a complete repeal, prepay taxes on your home this year.


  • Charitable Contributions – a potential increase in standard deductions will de-value or even eliminate the tax benefit, so charge your credit card or mail the checks by December 31st to ensure a write-off on your 2017 return.


  • Medical Expenses – in light of a possible repeal, consider paying for elective procedures by December 31st if your 2017 medicals are close to or exceed 10% of your adjusted gross income for the year.


  • Unreimbursed Employee Business Expenses – since the deduction is most likely to be removed, consider making payments before December 31st.


Additionally, other special situations may affect your tax planning such as the cutback in itemized deductions for upper-income individuals, alternative minimum tax, capital gains, and re-characterization of Roth IRAs.  We can help you decide on the most prudent course of action related to those items. 


There is still time to set up an appointment for your personal year-end tax planning!  We recommend a meeting if you have had any major changes during 2017 or are expecting major financial changes in 2017 or 2018, such as retirement and inheritance.  Contact our office at 405-842-0028 or email to schedule your appointment.

Nancy Hyde, CPA, CVA, CEPA

CEO & President, Hyde & Company CPAs



Please visit the archive for previous articles.

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue