4Thought Blog

Pennsylvania Announces New Grants for Manufacturers, Employee Training

Pennsylvania recently announced two new grant programs to help businesses with employee training costs. The new Pre-Apprenticeship and Apprenticeship Program offers $2.3 million in grants to help pay for on-the-job training of new employees. The funding can be used for the salaries of instructors, training materials and related contracted professional services.

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Selling Your House? How to Save Taxes with an Installment Sale

Are you planning to sell real estate before the end of the year? Naturally, you hope to entice a qualified buyer who has plenty of cash on hand. But being open to the idea of an installment sale may help you seal the deal. Fortunately, installment sales also offer tax savings for sellers. Here’s how…

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Company Headquarters Costs: An Overview of Charges

Even intercompany management fees have complex tax rules Most U.S.-based businesses with international operations perform centralized or shared service functions at their company headquarters. This can include services such as accounting, human resources, information technology, legal services, marketing and other back-office services. Companies regularly centralize these functions in order to generate cost efficiencies, leverage centralize…

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Year-End Tax Planning & Tax Reform: 6 Moves to Consider

As 2017 winds down, it’s time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won’t…

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Major Federal Tax Changes to be Ironed Out Following Senate Vote

Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49. The U.S. House of Representatives passed its own version of the tax bill on November 16, and a conference committee of representatives from both houses of Congress is…

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2017 Year-End Tax Planning: Tax Reform May Cloud Individual Strategies

With tax reform proposals winding their way through Congress, year-end tax planning has become infinitely more complex. There’s a great deal of uncertainty over whether and when tax reform will be implemented and which proposals from the bills will make their way into any final legislation that’s signed into law. The good news is that…

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Giving Tuesday: How to Save Taxes Through Charitable Contributions

As year end approaches, you may be thinking about making some charitable donations. Here’s a rundown of the potential tax breaks for your generosity. Itemized Deductions You can claim write-offs for contributions of cash and other items donated to charitable organizations, such as United Way and Goodwill. What you might not realize is that not…

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House Approves Major Federal Tax Changes for Businesses, Individuals

The U.S. House of Representatives last week passed the Tax Cuts and Jobs Act, which includes far-reaching tax changes for both businesses and individuals. Most of the changes will go into effect in 2018 if they’re included in any final legislation. So what are the next steps in federal tax reform? On Friday, the Senate…

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Construction Companies: Use a Gain-Fade Analysis to Boost Profitability

Every business wants to maximize profitability. For general contractors and specialty trade contractors, a great financial tool to analyze job performance and find ways to boost the bottom line is a gain-fade analysis. Most construction companies prepare work in progress (WIP) schedules, which help determine where a project currently stands on profitability. But for a…

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Pennsylvania Budget: Tax Changes for Online Retailers, Net Operating Loss Deductions

After long delays, Pennsylvania last month finally enacted its 2017-2018 state budget, which includes some significant tax changes for both businesses and individuals. The following article covers some of the most significant revisions, including changes to Net Operating Loss deductions, tax changes for online retailers and a new deduction available to manufacturers. The largest chunk…

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