4Thought Blog

Warning: Working from Home May Complicate Your Income Taxes

Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work in a different state than where their employers are based. These employees may have opted to move to states with lower or no income…

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Tips to Keep Your Business Strong Despite Inflationary Pressures

Over the last year, consumer prices rose 7.9%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living. This is the highest 12-month increase…

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Manufacturers Should Act Soon to Get 100% First-Year Bonus Depreciation

First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer’s cash flow, but claiming them isn’t always the best decision. In some cases, there are advantages to following the regular depreciation rules. However, if your manufacturing company wants…

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3 Numbers To Know in Construction: Costs, Markup and Profit

Running a successful construction company calls for more than just winning bids and doing great work. To get ahead and make money, you need to carefully track your costs and accurately calculate how much to charge to turn a profit. To this end, there are three numbers that every construction business owner should know, review…

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Concannon Miller Named to Accounting Today’s Fastest Growing Firms List

Concannon Miller has been named to Accounting Today’s 2022 Fastest Growing Firms in the U.S. for 2022. Concannon Miller’s revenue grew 27.34% in 2021, landing the firm at No. 20 on the prestigious list. The firm’s growth was largely because of increased consulting services to clients, especially related to COVID-19 tax credits and other funding….

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Take Advantage of Tax Breaks for Privately-Held Businesses

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022.

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Restaurant Association Urges IRS to Release ERC Funds

The National Restaurant Association is urging the IRS to release crucial Employee Retention Credits to the pandemic-stricken industry. Many restaurants that applied for ERC have not received the federal funds. A recent poll found 83 percent of operators who applied for the tax credit over six months ago still have not received any funds. “The…

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Nonprofit Succession Plan: Are you Ready for Your Next Leader?

Suppose the founder or long-time executive director of your nonprofit organization is scaling back on her workload and making plans to retire. What will her departure mean for your organization? If your nonprofit has a well-crafted succession plan, it’s likely to survive any leadership transition. But if you don’t have a plan, your organization could…

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Some Businesses, Owners with International Income Face New Tax Requirements

There are new tax filing requirements for many pass-through businesses for this tax season. For tax years beginning in 2021, S corporations and partnerships must file Schedule K-2 and Schedule K-3 if the business has relevant international tax items. The new schedules are intended to provide more transparency and clarity for the owners of pass-through…

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Business Valuation: Don’t Underestimate the Key Person Discount

In the fourth quarter of 2021, CEO resignations were up 16% over the prior year, according to executive outplacement firm Challenger, Gray & Christmas. Recent and announced high profile departures include Twitter’s Jack Dorsey, Amazon’s Jeff Bezos and American Airlines’ Doug Parker. This trend is expected to continue into 2022 as executives swap high-stress positions…

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