4Thought Blog

How Manufacturers Can Strengthen Their Company’s Weakest Link

Let’s say your manufacturing company has slashed costs to the bone, boosted productivity and taken market share from competitors. But you still want to see some improvement. It’s time to find your weakest link and turn it into a strength. According to the theory of constraint management, you should look system-wide for that weak link.

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Offshoring Relationships: How Manufacturers Can Improve Quality Assurance

In the ever-expanding global economy, nothing about suppliers or distributors can be taken for granted. As illustrated by the numerous high-profile recalls that have occurred, manufacturers outsourcing to foreign countries must maintain quality control in their supply chains. According to the Consumer Product Safety Commission, many products recalled in the U.S. due to safety concerns…

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How Selling Your Home Can Impact Your Taxes

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are 10 tips from the IRS to keep in mind if you sell your home this year: Exclusion of Gain: You may be able to exclude part or all of the…

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McDonald’s Owner/Operators: How to Prepare for Tax Season When Profits are Up

The cyclical pattern of business is just that, cyclical. Booms and busts, highs and lows, expansions and recessions, good times and bad times, or more simply put, you’re either making money or you’re not. When your business is enduring one of the low points of the cycle, taxes are not often top of mind. Generally…

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New Overtime Rules Start Dec. 1 – Are You Ready?

The deadline for the Department of Labor’s new final overtime rule is Dec. 1, 2016. While CFOs at most large U.S. companies have been working overtime themselves to prepare for the changes, many small and midsize firms haven’t been as quick to react. Current Overtime Rule The Fair Labor Standards Act (FLSA) is the federal law…

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Pennsylvania Expands and Extends Tax Credits for Businesses

Pennsylvania is now offering additional and expanded tax credits to its businesses. Included in Act 84 of 2016 – signed into law in July – are new and expanded tax credits especially intended to boost business. Noteworthy changes include the creation of a new Job Creation Tax Credit especially for veterans and the permanent extension…

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Fourth Quarter Retirement and Estate Planning: Steps to Take Now

Fall is a good time to pause and review your financial planning strategy. A lot can happen in a year. If your personal life, market conditions or tax laws have changed, you may need to revise your long-term financial plans. Here are some retirement and estate planning considerations that may be worthwhile:

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Attention Pennsylvania and New Jersey Commuters: State Tax Changes are Likely

There may be major state income tax changes coming for those who cross the Delaware River for work. New Jersey Gov. Chris Christie last week announced that he plans to discontinue a long-standing agreement between New Jersey and Pennsylvania allowing taxpayers to pay income tax in the state where they live, not where they work….

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Are You an Airbnb or VRBO Landlord? What You Need to Know for Tax Time

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tax tips from…

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IRS Warns about 'Federal Student Tax' and Other Back-to-School Scams

The IRS is warning taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person…

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