4Thought Blog

The Top 8 Resolutions for Business Owners for 2022

Have you compiled a list of New Year’s resolutions for your small business in 2022? Resolutions don’t have to be limited to your personal life. Consider how you can improve in the upcoming year in your role as a small business owner. Of course, everyone’s list will be different. But here are eight common aspirations…

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The Top 7 Personal Financial Resolutions for 2022

It’s almost time to ring in the New Year — and many people are looking forward to putting 2021 in the rearview mirror. While New Year’s resolutions often focus on eating less and exercising more, you should also give some thought to your financial fitness. Here are seven ways to introduce more discipline and vigor…

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Minimum Wage Increases: The New Rates to Know for 2022

In today’s tight labor market, many employers have been raising wages substantially to maintain operations. That’s most evident in the leisure and hospitality sector, where average hourly wages rose 12% for the year ending October 2021. For many organizations, getting by with paying minimum wage is generally a distant memory. That’s particularly true where the…

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An Important Metric for Franchisees: Trailing Twelve-Month Liability Turnover

Financial health is critically important to your success as a McDonald’s Owner/Operator. To help you measure your financial health, we’re doing a series of articles on the McDonald’s statement financial ratios, what they entail and how to improve them. If you missed it, check our introductory article Understanding and Managing Financial Ratios for McDonald’s Franchisees….

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Track Profitability with Construction Close-Out Meetings

They say hindsight is 20/20. You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them. Not every project makes money for your construction firm. You can find ways to improve project and accounting management if you set a…

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Tips to Avoid Costly Tax Penalties on Your RMDs

After a one-year hiatus due to the COVID-19 pandemic, owners of qualified retirement plans and IRAs must adhere to the rules for required minimum distributions (RMDs). The RMD rules are tricky and could result in a substantial tax penalty if you’re not careful. For starters, an RMD is the amount you must withdraw from a…

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Manufacturers: You Can Probably Qualify for the Lucrative R&D Tax Credit

The credit for increasing research activities, commonly referred to as the research and development (R&D) credit, is one of the biggest and best tax breaks available to manufacturing companies. Unlike a deduction, a credit is a dollar-for-dollar reduction of a business’s tax liability. Plus, there’s no limit on the R&D credit amount for a particular…

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Nonprofit Success in 2022: 7 Strategies to Consider

The last two years have been tough for most nonprofits. Now that there’s some light at the end of the tunnel, you may feel more optimistic and with a renewed dedication to your cause.

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How to Maximize the Annual Gift Tax Exclusion in 2021

The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here are the basic federal tax rules for these transactions. Beware: Quite a…

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PPP Loans: Learn the New Guidance on the Tax Effects

Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS issued a series of three Revenue Procedures addressing the tax effects when a PPP loan is forgiven. Here’s a brief rundown of each.

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