4Thought Blog

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Family Business Transfers: Balancing Owner’s, Family’s Goals

If you’re considering transferring your business ownership to family, you might be tempted to put your family’s wants over your own goals. While this altruism may be admirable, it can also cause more problems than it solves. Consider the case of Darnell Orie. Darnell Orie was unsure how to approach his business exit. His son,…

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Tax Reform 2.0: The Proposed Reductions for Businesses, Individuals

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of…

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Business Growth & Forecasting Tips for Manufacturers

It’s challenging to succeed in the manufacturing industry without a plan, or at least some written goals. A basic plan should include your annual budget. Even better, it should include multi-year budgets and projections. Forecasting may be time consuming, but is a necessary step in predicting and controlling future success. Many of the most successful…

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Business Fraud: Prevention Strategies, Key Indicators to Lookout For

In March, the Lehigh Valley’s GDP hit a record $39 billion. This is fantastic economic news for the Lehigh Valley, but it should be a warning to business leaders to continue to monitor their business environments. In times where business is booming, it’s human nature to take the foot off the gas and allow items…

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Construction Companies: Work with an Industry Specialist for Most Savings (Video)

The tax laws and accounting policies for construction and real estate development companies are unique and particular. If your accountant doesn’t have the industry experience, you’re likely missing out on some significant tax savings.

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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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