4Thought Blog

Rent Your Vacation Home? Watch for Adverse Tax Consequences

Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this could cause adverse tax consequences, depending on your situation. Here’s what you need to…

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Why Manufacturers Are Looking Forward to Growth

As more Americans get vaccinations and an economic recovery is within sight, manufacturers can bring lessons learned during the pandemic to accelerate growth. However, a recent BDO poll found that manufacturers are split; some are in growth mode and are focusing on product or service innovation and tech investments, while others are looking to weather…

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5 Innovations to Inspire Nonprofit Growth

Many nonprofit organizations have been hanging on for dear life for the past year. But the days of survival mode are coming to an end. Now, nonprofit leaders need to be innovative to position their organizations for future growth. In other words, if you’re not moving forward, you’re moving backward. But how do you cultivate…

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Key Tips to Prevent Profit Fade On Construction Projects

Have you ever completed a job only to realize that the cost of performing the work equals or exceeds the revenue that the project brought in? This phenomenon is called “profit fade” and, if it occurs repeatedly, it can prove fatal to your business. Although profit fade could threaten any construction business, it’s a particular…

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Restaurant Revitalization Fund to Start Disbursing $28.6 Billion in Stimulus Aid

Applications for $28.6 billion Restaurant Revitalization Fund will be accepted starting at noon Monday, May 3, the U.S. Small Business Administration has announced. The grants are for restaurants with 20 or fewer locations to help cover their pandemic-related revenue losses in 2020. Restaurants can start registering for accounts now. In preparation, the SBA recommends qualifying…

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Bitcoin and Other Virtual Currencies: The Impact on Your Tax Situation

Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price…

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The Employee Retention Credit: The Improved Benefits for Businesses in 2021

The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Credit — to entice employers to retain employees. But three different laws have created and changed the credit, which has led to significant…

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Child and Dependent Care Credit: Learn the New Benefits for 2021

The American Rescue Plan Act includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit. The changes are favorable for most taxpayers, except high-income individuals. Here’s what you need to know about this credit and how it’s changing for 2021.

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5 Ways Restaurants Can Reduce Employee Turnover in 2021

This blog was written by our guest author, Brian Hassan, Co-CEO, Kickfin For years, restaurant employers have struggled with high employee turnover rates. If they are able to find and attract qualified, dependable employees—a feat in and of itself—ensuring retention often poses the next challenge. And it’s an expensive one. Recruiting, interviewing, onboarding and training…

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Tips on Getting a Good Payroll System for Your Construction Business

Construction payroll can be complex, but with the right system in place it doesn’t have to be stressful. Up-to-date payroll software generally saves money by preventing costly math mistakes and helping you manage payroll taxes. It also can save time by automating reports and, in many cases, integrating with other systems. Here are some best…

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