4Thought Blog

The Top 7 Tax Benefits for Manufacturers in 2021

The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.

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Business Meals: How to Use the Reinstated Tax Deduction for 2021

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs. Preexisting tax breaks…

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Family Business: Why You Should Hold an Estate Plan Meeting

If you’re a business owner and a high-net-worth individual, you may want to gather your family members together to discuss the details of your estate plan. This can be especially important if you own a business that employs family members. These meetings are a little like the Scottish clan gatherings held hundreds of years ago…

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Second Stimulus Bill: The Extended Tax Benefits for Individuals

The second massive COVID-19 relief bill contains a variety of tax breaks and authorizes direct payments to eligible individuals.  Before it was signed into law, a multitude of federal income tax breaks were set to expire on December 31, 2020. This article covers these so-called “tax extenders” that benefit individuals. The extenders are tax breaks…

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Developing Investment Policies: How All Nonprofits Can Benefit

So you think investment policies are only for nonprofits with millions to invest? Not true. If your organization holds funds in reserve — for example, to cover emergencies or meet long-term goals — it’s prudent to have investment policies. Such policies will help ensure that you manage reserve funds responsibly according to their purpose and…

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Many More Businesses Now Eligible for COVID Employee Retention Tax Credits

The Employee Retention Tax Credit (ERTC) provision of the 2020 CARES Act was overshadowed by the PPP loan program, primarily because the original ERTC provisions prohibited an employer with a PPP loan from claiming ERTCs. The 2021 Consolidated Appropriations Act, passed just weeks ago and most known for allowing businesses a tax deduction for the…

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COVID Tax Relief Measures: What’s Extended for Businesses into 2021

Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This article explains the current status of eight important temporary relief measures and whether the Consolidated Appropriations Act (CAA) extended them.

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Should Manufacturers Use U.S. Supply Chain Partners? Pros & Cons

The manufacturing industry’s dependence on foreign suppliers, especially those in China, has caused concerns for many years. But the COVID-19 pandemic has put a spotlight on this issue, forcing some manufacturers to rethink their offshore business arrangements. Would your business be better off switching to U.S. supply chain partners? Here’s some important information to consider.

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Construction: 8 Accounting Practices to Boost Your Bottom Line

Construction accounting is different from the accounting practices of businesses that use only a general ledger. Because construction companies perform contract work and take on invoice-based jobs of varying sizes and durations, they must treat each project as a profit center. You can help keep your business healthy in 2021 and beyond by adopting or…

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2021 New Year’s Resolutions for Small Business Owners

Have you made any New Year’s resolutions for 2021? Resolutions usually take the form of personal goals like eating healthier or getting rid of clutter around the house. But you can also make New Year’s resolutions for your small business. Here are a dozen resolutions for small business owners to consider implementing to succeed in…

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