4Thought Blog

SBA to Start Accepting PPP Loan Forgiveness Applications

The U.S. Small Business Administration (SBA) has announced it will start accepting Paycheck Protection Program (PPP) loan forgiveness applications starting Aug. 10. The SBA issued new loan forgiveness applications in June. You can read more about the two application options and access them in our previous article. Borrowers are tasked with preparing the forgiveness application…

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5 Midyear Tax Savings Strategies for Businesses in 2020

The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?

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PPP Loan Forgiveness Application: Preparation Tips for McDonald’s Franchisees

As you reach the end of your covered period for your Paycheck Protection Program loan – if going with the 8-week option – here are some tips for getting ready for the forgiveness application process. You may have seen our recent article about the new EZ forgiveness application. Eligibility for that application is a matter…

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7 Midyear Tax Savings Ideas for Individuals in 2020

The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces: The COVID-19 pandemic has caused some people to lose their jobs or take pay…

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Succession Planning: Who Will Run Your Business After You?

If you’re a business owner, do you have a plan in place that names who’ll follow you as head of your company? You may feel you’re too busy running the business today to waste time on long-term plans that seem so distant. But there may be more reasons than you think to make decisions, some…

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Is Your Nonprofit Altering Operations? Watch Out for Unrelated Business Income Tax

During these financially challenging times, many nonprofit organizations have had to get creative to raise adequate revenue to sustain operations. But new activities, however well-intentioned, can lead to tax trouble. Your nonprofit risks exposure to the unrelated business income tax if it operates outside its usual charitable scope. Here’s how to avoid unwanted tax exposure.

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5 Ideas for Reskilling Your Manufacturing Workforce Amid the COVID-19 Crisis

The COVID-19 crisis has probably changed your business operations. For example, in response to the crisis, you might need to alter your company’s production line, cleaning and scheduling practices, supply chain partners, distribution methods and even product offerings. Whether these changes are temporary or you’re using recent product and operational shifts as blueprints for the…

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Tax Relief for Rental Real Estate Owners with COVID-19 Crisis Losses

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses.    What You Can Write Off Rental property owners can deduct mortgage interest and real estate taxes. They can…

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Strategic Financial Planning Steps to Boost Business Post-Pandemic

As businesses look to navigate towards financial health in the changing normal of a post-pandemic world, there are key areas of their business plan to reassess. The goal, as we endure and ultimately come out of this crisis, is to rebound to better than normal. Because as the pandemic ends —whether in 3, 6, 12…

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Charitable Remainder Trust: A Great Option for a Lasting Gift, Tax Savings

The COVID-19 pandemic may have you thinking about how you can help those whose health and financial security has been imperiled by the virus. Naturally, charities fighting COVID-19 will welcome your donations now. But you may also want to think about making a more lasting gift. With a charitable remainder trust you may be able…

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