4Thought Blog

Remarried? Know Your Spouse’s Estate Property Rights

In nearly every U.S. state, property rights — including estate rights — apply to spouses, whether the marriage is a first or subsequent marriage. Although the laws are complex and can vary dramatically from state to state, you should at least review your estate plan if you’ve remarried to help ensure your assets will go…

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7 Midyear Tax-Reduction Strategies for Manufacturers in 2022

As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability.  Although each situation is unique, here are seven general tax moves that could potentially lighten your manufacturing company’s tax load this year.

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7 Hiring Tips for Summer 2022 and Beyond

In today’s tight labor market, small businesses — including restaurants, delivery services, retail stores and manufacturers — are struggling to attract and retain top-quality staff. The conditions are likely to worsen in many sectors as demand ramps up during the summer months. To be competitive with other employers, you’ll need to be proactive in identifying…

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Ensure Your Construction Accounting System is Up-to-Speed

Construction accounting is distinctively complex. Unlike other businesses that rely heavily on a general ledger to track finances, construction companies need to master a project-based approach to accounting. After all, each of your jobs serves as an individual profit center — with its own scope, timeline, payroll, revenue and expenses. That’s why your accounting software…

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From Automat to Automatic: How New Tech is Bringing Efficiencies to Restaurants

From the drive through speaker to the QR code menu, restaurant patrons are familiar with the evolution of technology that streamlines front of house operations. Recent years have seen increased focus on innovation at the back of house. Though they might not be visible to the average customer, changes underway will have a profound impact…

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Salary Increase Budgets Jump for Nonprofit Organizations

In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets. For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to levels not seen in years, according to BDO’s first-quarter 2022…

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Filed Your Taxes? Which Records to Keep in 2022

The general rule for retaining federal tax records is three years. That’s because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on the later of 1) the due date for your tax return, or 2) the date on which you file your…

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S Corp. Vs. LLC: How a Manufacturing Company is Structured Impacts Taxes

For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations. However, in recent years the limited liability company (LLC) has become another popular alternative. Let’s compare these two business structures.

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Own an S Corp? Here’s What Fringe Benefits are Taxed

In general, the value of statutory fringe benefits paid to employees is exempt from federal income tax. But special rules apply to S corporation shareholders who own 2% or more of a company. For these owner-employees, several fringe benefits are tax-exempt, but others — including some of the biggest benefits — constitute taxable income. Here’s…

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Selling Your Business? Due Diligence, Tax Considerations to Weigh

When it comes to selling your business, you must consider the buyer’s perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here’s what to expect, including some tax considerations.

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