4Thought Blog

Gift Tax Returns: When to File Even if You’re Below the Annual Exclusion Amount

For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There…

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Is it Time to Reconsider the Decision to Buy or Lease Equipment?

Given the historically low interest rate environment in which we find ourselves, most business owners in capital intensive industries will be impelled to explore their options when it comes to obtaining new equipment. Whether it’s best to use lease financing or purchase equipment outright depends on multiple factors including (but not limited to) the type…

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Top Tax Reform Business Opportunity: The Qualified Business Income Deduction

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities. Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated…

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The Must-Know Tax Reform Business Changes for McDonald’s Franchisees

The largest tax change in a generation was made almost two years ago, but it’s still big news for small businesses. In fact, final regulations are still being written. As we prepare to head into fall, this is a good time to think strategically about your tax situation. This article will highlight a couple of…

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Bad Year in Business? Tax Reform Reduces Business Loss Deductions

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies, provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. But the Tax Cuts and Jobs Act has placed some limitations…

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Track Inefficiencies in Manufacturing to Control Costs

If you’re like most manufacturers, you don’t track order-processing. Yet focusing on this performance metric can identify operational inefficiencies that are cost-cutting opportunities. And continued monitoring lets you keep those costs in check and predict future outlays. Customer order management means different things to different people. It may be limited to account processing and the…

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Construction: Improve Cash Flow with the Critical Path Method

Construction project financing and cash flow management are unique for several reasons. First, start-up construction companies are very easy to form with the “two men, tools, and a truck” business model. Because of this, credit and business history often are not extensive as the positive histories that typically give businesses access to large sums of…

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IRS Waives Estimated Tax Penalty for 400,000 Taxpayers

The Internal Revenue Service last week announced it’s automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Earlier this year, the IRS lowered the usual 90% penalty threshold to 80% to help taxpayers whose withholding and…

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New Business Vehicles: How Much Companies Can Deduct in 2019

Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details.

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Bitcoin Tax Rules: They’re Complex and Confusing

Bitcoin has been around for nearly a decade. But the tax rules related to “virtual currency” are still evolving. In fact, some Bitcoin investors may be in for a surprise when they file their 2019 returns. Tax matters have become even more complicated because relevant provisions of the Tax Cuts and Jobs Act took effect…

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