4Thought Blog

Construction Profitability Tip: Using Cost Codes to Track Project Costs

No matter the size of your construction business, cost codes are essential for tracking where and how you incur project costs. Although a job’s overall cost will tell you what was spent and how much was made, it won’t tell you why you spent the money or earned that profit. Cost codes provide an easy…

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Family Business Succession: Compensating Children Not in the Business

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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Hurricane or Tornado Victim? How to Salvage a Casualty Loss Deduction

So far, 2021 has been a rough year for casualty losses. Hurricane Ida wreaked havoc in the south and east. Wildfires have destroyed millions of acres in the west. Catastrophes in other parts of the country this year — including tornadoes, earthquakes and floods — have caused significant damage to personal property. But there may…

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Business Valuation: How CVAs Determine Your Business’s Value

Most business owners and attorneys know the basics of the business valuation process. For example, you might know that there are three approaches to value: the cost, market and income approaches. You might even know some of the methods that fall under these approaches, including the: Adjusted book value, Excess earnings, Guideline public company, Merger…

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The Home-Sale Gain Exclusion Tax Break: Cashing in on the Sellers’ Market

In many areas, residential real estate markets have surged, and some are still surging. In these sellers’ markets, big home-sale gains are likely. That’s great news if you’re a seller — but will you owe taxes on the profit? If you sell your principal residence for a large profit, you can potentially exclude tax (pay no…

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Post-PPP Financing Options to Grow Your Business

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan program and other relief programs rescued many small enterprises from financial crisis. If certain requirements are met, all or part of PPP loan proceeds may be forgivable — similar to a grant from the federal government. The PPP…

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Don’t Risk Your Nonprofit Status: Be Aware of Private Inurement Rules

Most nonprofit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case…

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Manufacturing Workplace Safety: 7 Improvements to Consider

Workplace safety is a top concern among manufacturers. Without taking COVID-19 into account, the National Institute for Occupational Safety and Health estimates that occupations within the manufacturing sector account for 5% of U.S. workers, yet they represent 8% of all workplace fatalities. Unfortunately, COVID-19 has added to the safety concerns that manufacturers face. At the…

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Biden’s Infrastructure Plan: What is Construction’s Opportunity?

President Biden’s infrastructure plan is set to improve failing infrastructure, rebuild the economy and create new jobs. As of this writing, the plan, which Biden originally released on March 31 as a $2 trillion capital injection over 10 years, is a $579 billion proposal that has bipartisan agreement, though Democrats have signaled the bill may…

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Should You Have the Same Office Post-COVID? Maybe Consider a New Approach

Where your business is located, and how you use the commercial space that you have, can mean the difference between thriving and just limping along — or worse. That fact was brought home for many business owners during the COVID-19 pandemic, when lease payments became a big financial strain, and dust was accumulating on the…

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