4Thought Blog

Deducting Disaster Losses: 10 Tips Taxpayers Should Know

As we enter the height of hurricane season here on the Atlantic Coast, it’s a good time to review what losses can and can’t be deducted in the case of a natural disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on…

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Construction Companies with Multiple Entities: A Cautionary Tale

It might be advantageous from a tax standpoint to run a business through multiple entities. For example, a construction company might form a separate company to own and lease its trucks and equipment back to its related entities. Or a corporation might transfer appreciated property to an affiliated corporation in order to limit risk in case…

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Job Creation Funding: How to Obtain Tax Credits & Grants

While job creation is undertaken to boost a company’s productivity, it’s not without cost to the business. But companies don’t have to bear the cost of new jobs on their own. The federal, state and local governments all offer funding expressly for job creation in the form of grants and tax credits.

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Exporting for Manufacturers: The Pros and Cons

There’s no doubt about it: Business has gone international. New electronic and logistical technologies have narrowed distance and time, and trade agreements have opened markets. And manufacturers are in a good position to venture into the business of exporting. Fluctuating currency-exchange rates and other challenges can make going global a challenge, but there are many…

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Federal Overtime Rules: Government Seeks Business Input on Possible Changes

Employers must comply with a variety of laws involving the minimum wage and overtime. As you may know, the overtime rules were going to change dramatically last year before a federal court stepped in to delay the changes. Now, the Trump administration is signaling that it may revise the current rules and is seeking feedback…

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Affordable Care Act Taxes Remain With Possible Repeal in Limbo

In a dramatic session that went into the early hours of the morning of July 28, a bill to repeal parts of the Affordable Care Act (ACA) — but retain others — failed to capture enough votes in the U.S. Senate. Senators Susan Collins (R-ME), John McCain (R-AZ) and Lisa Murkowski (R-AK) broke ranks with…

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The 10 Top Tax Benefits for Businesses

Businesses today need to stay lean and agile, while maintaining innovation. In order to realize and grow that vision, you need to maximize profits and minimize taxes. Not every tax benefit listed here will be useful to every business, but there may be some you currently aren’t taking advantage of that could help your company’s…

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Construction Companies: How to Obtain Strong Financial Statements

Financial statements are a must-have for any organization. The balance sheet reveals how much its assets and liabilities are worth based on historic costs. The income statement tells investors and lenders how profitably and efficiently the company has performed during the accounting period. The statement of cash flows details sources and uses of cash from…

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Form 5500 for Employee Benefit Plans: How to Get an Extension

Many companies required to file Form 5500 for their Employee Benefit Plans have deadlines of July 31st, which is quickly approaching. But if you haven’t yet filed your required forms, don’t worry – it’s easy to get an extension.

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Estate Planning: 9 Key Tips on Gift Taxes

For many people with large estates, planning ahead and gifting to family members can save a bundle in taxes. This ultimately means your heirs may get more and Uncle Sam may get less. But before you start stuffing checks in envelopes and passing them out to your loved ones, you should know the basics of…

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