4Thought Blog

How Business Owners Can Realize Their Retirement Goals

Most business owners dream of a business legacy and financial independence. Many never reach their goals. But it doesn’t have to be that way. So what’s the formula? It’s pretty basic: reduce risk, drive profit, and build a team stronger than you are alone.

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How McDonald’s Franchisees Can Best Manage Risk

The term risk management is one that can be found with increasing frequency these days, both on television and in print. It’s not necessarily fodder for lively dinner conversation, but the timing of when you get to enjoy that next expensive steak could very well depend on how well versed you are on the topic…

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Business Tax Tip: Expand Deductions by Donating Inventory

Does your C corporation have slow-moving inventory or computer equipment taking up valuable warehouse space? Of course, you could liquidate it or hold a discount sale, but you might be better off donating it to charity.

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How Manufacturers Can Qualify for the R&D Tax Credit – It’s Easier Than You Think

When you think of research and development, you probably think of men in white lab coats, or sophisticated laboratories where cutting-edge technology is born. However, the federal government offers a more flexible definition of research and development. The government definition is a process of experimentation to develop new or improved products or processes that are…

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2017 Taxes: What Changes May Lie Ahead

With Donald Trump as the incoming president and Republicans holding a majority in the U.S. House and Senate, GOP tax reform appears likely this year. While campaigning, Mr. Trump promised big tax changes. Here’s a digest of his proposals, according to his website. Individual Tax Rates and Capital Gains Taxes For individuals, President-elect Trump proposes…

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New Law Allows Small Employers to Provide Affordable Health Benefits

The new federal law has opened an avenue for small employers to provide health benefits to employees at an affordable cost. On December 13, 2016, President Obama signed into law the 21st Century Cures Act. In addition to funding medical research, accelerating cutting-edge treatments for rare diseases and adding significant reforms to the mental health system,…

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Estate Planning: 10 Reasons to Plan for Your Family’s Future

If you already have a last will and testament, then you are among the minority of the population. Great planning! However, for those of you who do not have a will, we understand some of the reasons why you hesitate to formally plan your estate. Here are some of the reasons people cite for not…

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Attention Business Owners: Some Tax Filing Dates Have Changed

Thanks to two laws that passed last year, the due dates have been changed for some information returns and related statements and for some business tax returns. Here’s what you need to know: Earlier Due Dates for Forms 1099-MISC and W-2 When a business pays non-employee compensation aggregating to $600 or more to a single…

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The Modern CFO: Strategic Planning is Vital for Business Success

Many CFOs spend more than half of their time on basic accounting tasks. While this may be warranted when a company is new, for a growing company we think there are more valuable strategic responsibilities that the prime talent of a good CFO should focus on. Instead of spending so much time on accounting duties,…

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IRS Warns Taxpayers of Numerous Tax Scams Nationwide – See the Most Recent Schemes

As tax season approaches, the IRS is warning taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and on-line. The IRS and Security Summit partners remind taxpayers…

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