4Thought Blog

Attention Business Partnerships: The Tax Rules Have Changed

In recent months, there have been several significant tax developments that affect partnerships. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity, we’ll use the terms “partnership” and “partner” to refer to all entities and owners that are affected by the developments.) Here are…

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Lehigh Valley Businesses: A New Option for Easy Financing

Lehigh Valley businesses now have a great new option for easy and competitively-priced financing. The Lehigh Valley Economic Development Corp. in December launched the Lehigh Valley Lending Network, where businesses can get loan offers from up to 15 banks through one application process. Businesses also can seek available government loans and grants through the Lehigh…

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Cost Segregation Depreciation: A Key Tax Strategy for Manufacturers

A great tax benefit manufacturers can seek is something you already have in operation – your factory, facility or office building. Business property, as a whole, can be depreciated over 39 years. But many building components can qualify to be depreciated over far fewer years, which allows for greater tax savings. This method is called…

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Important Deadline Approaching for Older Taxpayers with IRAs and 401(k)s

Did you turn age 70 1/2 in 2015? If so, an important date is coming up soon. By April 1, 2016, you must begin taking required minimum distributions (RMDs) from your traditional IRAs — or face a steep penalty. (Lifetime distributions don’t need to be taken from Roth IRAs at any age.)

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Food Donations, Conservation Contributions: How to Get Tax Breaks for Lesser-Known Business Charitable Donations

Making donations to charities is more than good business citizenship – it also can lower your tax liability. Some lesser-known federal income tax breaks for charitable donations by businesses were retroactively reinstated and made permanent by the Protecting Americans from Tax Hikes (PATH) Act of 2015. (Get more details on the PATH Act’s tax changes…

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Negotiating Bank Loans: Tips for Business Owners

Every business owner will need access to debt at some point in the lifecycle of their business. Applying for and negotiating bank loans can be a mystifying experience for business owners. The main concern bankers have is protecting their capital, therefore bankers are generally very conservative.

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IRS Concerned Over New Tax Scam Seeking Tax Return Verification Information

With tax season in full swing, the IRS this week issued a new tax scam alert over significant reports of scammers calling under the guise of verifying tax return information over the phone. The attempted sham involves scammers posing as IRS agents calling to say they have your tax return and need to verify details…

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The Secret to Growing Your Business

Everyone in business wants to grow. But that doesn’t mean they will grow, because wanting is not doing. If you are not growing, you are declining. There is no remaining the same. Life just doesn’t work that way.

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McDonald's Owner/Operators Granted More Time to Use Work Opportunity Tax Credit

Great news for McDonald’s Owner/Operators on the Work Opportunity Tax Credit home front. For those of you that have not been taking full advantage of the WOTC program, relief is on the way. On Monday, the IRS issued transition relief rules. The transition relief rules will allow you to go all the way back to…

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Reducing Your 2015 Federal Taxes: Six Steps You Can Still Take

Some people jump at the opportunity to file their taxes as soon as they can in January. But many people don’t. If you’re someone who hasn’t yet filed your taxes, here are two pieces of good news:

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