4Thought Blog

Tax Reform Greatly Expands Tax Breaks for Business Vehicles

Federal tax reform through the Tax Cuts and Jobs Act expands the first-year depreciation deductions for vehicles used more than 50% for business purposes. Here’s what business owners need to know to take advantage.

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Business Valuation Methods: Pros & Cons for Business Owners

Valuing an interest in a closely-held business is often more art than science. There is no perfect calculation or analysis that can always answer the question “What is it worth?” While there are certainly subjective elements to any business valuation, there are three main approaches to valuation that are widely accepted and most often used…

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Mid-Year Tax Planning: What Closely-Held Business Owners Should Know for 2018

Federal tax reform through the Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won’t necessarily be relevant to your closely-held business. Here’s a quick reference guide to the major changes under the new law to help you understand what’s changing. In general, these changes are effective for tax years…

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The Dangers of Transferring Your Business to Children Without Planning

After building a successful business, many business owners decide that they want to transfer their ownership to their children. Too often, those owners assume that a transfer to children will go smoothly and simply, requiring little more than informing their kids of the date they’ll be taking the reins. Owners who make this assumption commonly…

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Manufacturers: What to Look for in a CPA (Video)

There are many lucrative tax benefits for manufacturers. Concannon Miller’s Manufacturing Team is immersed in the industry and is able to identify missed tax opportunities.

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Does Your Company Do Business Online? Be Aware of New Sales Tax Rules

A new U.S. Supreme Court ruling paves the way for states to require Internet sellers to collect sales tax from consumers — even if they don’t have a physical presence in the state. In doing so, the Court has reversed the long-standing, but controversial, precedent in Quill v. North Dakota. This new landmark decision –…

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Tax Reform Mostly Increases Depreciation Opportunities for McDonald’s Franchisees

Federal tax reform through the Tax Cuts and Jobs Act provides many new tax benefits to McDonald’s Owner/Operators, including some major depreciation changes, most of which are beneficial, as we interpret the tax law changes. Under the new act, Bonus Depreciation is increased from 50% to 100% for qualifying property. The new provision also expands…

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Construction Companies: Tips to Keep Cash Flow High During Busy Season

Everyone struggles to keep up when business really takes off. Projects come all at once. You may hire additional field workers to meet the demand. Payroll is stretched because payments which come in on your new projects lag months behind the large sums you lay out weekly to pay your workers. This type of project…

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Hire Your Kids for Greater Savings Post Tax Reform

Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee…

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Financial Statements: 5 Key Indicators Business Executives Should Analyze

Don’t just file away your company’s financial statements. There’s a lot business executives can learn by reviewing their financial statements – including their balance sheet and cash flow statement – in detail. Below are five key indicators from your company’s financial statements every business executive should analyze for greater business insight:

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