4Thought Blog

Leadership Tips for Business Owners: Plan, Manage Cash & Show Concern for Employees

These are unprecedented times. There is no playbook for what to do in such a crisis, yet leaders must step up now and guide our communities and businesses as we face some of life’s most demanding challenges. These challenges may include large quarantine areas, limited access to essential services, and medical shortages for those who…

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Federal Tax Deadline Extended; Many State Rules Still Up in Air

The federal tax deadline has been extended from April 15 to July 15 due to the Coronavirus pandemic, officials announced Friday. The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the filing deadline will be extended into the…

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Actions to Take to Reduce the Coronavirus’s Business Impact

The impact of the novel coronavirus on businesses has started and it’s expected to last for weeks, if not months. Those in the hospitality and entertainment industries are being hardest hit currently with some mandated shutdowns or new capacity rules, but it’s likely to touch just about every industry, considering the effects of supply chain…

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Tax Credits for Small Businesses: 7 to Consider

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year…

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Confused about Business Entertainment Deductions? New Rules May Help

The Tax Cuts and Jobs Act permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct 50% of the cost of taking clients out for a round of golf.

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Business Succession Planning: Splitting Interests Among Siblings

Often, the senior generation of a family business goes through the process of choosing one of its offspring as the successor to lead the company in the future. Usually, the chosen successor is given the title of president or CEO. For a period of time, he or she will work under the supervision of the senior family…

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Last-Minute Moves for 2019 Tax Savings

If you haven’t filed your individual federal income tax return yet, there still may be opportunities to lower your tax bill for the 2019 tax year. Though most tax-planning moves must be completed by the end of the tax year, a few options remain available. Here are some options to consider before the April 15…

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New Tax Breaks for Manufacturers in 2020

Tax legislation signed at the end of last year as part of a federal spending package includes significant breaks for manufacturers. Notably, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends various incentives, repeals a tax specifically aimed at manufacturing companies and creates a new credit for employers in disaster areas. Here’s a…

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Own a Very Profitable Business? A Strategy to Maximize the QBI Deduction

Since the Tax Cuts and Jobs Act went into effect, owners of pass-through entities have been allowed to deduct up to 20% of their qualified business income. However, the benefits may be reduced or eliminated if an owner’s taxable income exceeds certain thresholds. If you exceed the thresholds, one potential strategy is to transfer portions…

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Construction: How to Find Employees and Get a Tax Break

The current labor market is tight — particularly in the construction industry. Recently, the 2,700 contractors, construction managers, builders and trade contractors surveyed in the Commercial Construction Index reported having “difficultly” or “moderate difficulty” finding skilled workers. And according to a new survey from the Associated General Contractors of America, four of every five construction…

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