4Thought Blog

Construction: Prequalify Subcontractors to Protect Your Profitability

If you’re a general contractor, the business acumen and financial strength — or weakness — of a subcontractor can affect your ability to deliver a quality project on time and within budget. Delays caused by a subcontractor’s failure to complete work can lead to scheduling delays, cost overruns and even the dreaded “profit fade.” It’s…

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5 Tips for Nonprofits to Maximize Year-End Giving in 2020

Over the years, #GivingTuesday has grown from a hashtag to a global movement connecting nonprofits with donors around the world and helping them sustain mission-driven growth. While the day has traditionally been a benchmark for an organization’s end-of-year campaigns, 2020 has added pressure for nonprofits to maximize the giving season. As COVID-19 became a global…

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Biden’s Tax Plans: The Key Changes for Businesses, Individuals

President-Elect Joe Biden has expressed support for major changes to the current federal tax laws, though with control of the Senate still up in the air, it’s unknown which of his plans may come to fruition. But it’s still wise to educate yourself on his plans, especially as you start working on year-end tax planning….

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Fraud is Fraught in Manufacturing: Tips to Prevent Expensive Losses

When fraud strikes manufacturers, the effects can be devastating. The median fraud loss in the manufacturing sector, one of the industries most affected by fraud, was $198,000, according to the 2020 Report to the Nations published by the Association of Certified Fraud Examiners (ACFE). That’s significantly higher than the median fraud loss for all industries…

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Strategies to Save on Personal Taxes in 2020 and Beyond

It’s time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end.

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10 Tax-Saving Strategies for Businesses to Use Before Time Runs Out

Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider.

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Act Now Before Year End for Best Estate Planning Opportunities

Tuesday’s election might bring about a lot of changes, especially to the current federal tax laws. One of the potential biggest impacts would be on estate planning, so if you’re looking to transition wealth to the next generation, now is the time to do so. The current lifetime gift tax exemption amount is $11.58 million…

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PPP Loans: The Latest on What Qualifies and What’s Taxable

Paycheck Protection Program loans have now been around for seven months, and in that time, there have been many major rule changes and clarifications. As your business works to prepare your forgiveness application and get your books in order for year end, here are the latest qualification changes and rules on tax deductibility you should…

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Cybersecurity for Small Businesses: Consider This Flexible Strategy

Cybersecurity has become increasingly important to companies over the past several years. As technology continues to become more central to all areas of business, it is vital that companies consider cybersecurity not just as an IT function but as an integral part of their overall risk management strategy. Small businesses are often faced with a…

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Should Your Nonprofit Adopt Remote Work Permanently? Pros and Cons

If your nonprofit’s staffers can work from home during the COVID-19 pandemic, they probably are. But what about when the crisis ends? As workers have become accustomed to remote work, many now prefer it. In fact, several recent surveys have found that approximately half of U.S. employees would rather work from home. This is particularly…

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