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Concannon Miller

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7 Midyear Tax-Reduction Strategies for Manufacturers in 2022

Posted by Concannon Miller on Tue, May 17, 2022

As the midpoint of the year fast approaches, it's a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability.

 Although each situation is unique, here are seven general tax moves that could potentially lighten your manufacturing company's tax load this year.

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Topics: Manufacturing

7 Hiring Tips for Summer 2022 and Beyond

Posted by Concannon Miller on Thu, May 12, 2022

In today's tight labor market, small businesses — including restaurants, delivery services, retail stores and manufacturers — are struggling to attract and retain top-quality staff.

The conditions are likely to worsen in many sectors as demand ramps up during the summer months. To be competitive with other employers, you'll need to be proactive in identifying candidates with the right fit at a reasonable cost.

Here are seven tips on how to find the help you need before the summer rush begins:

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Topics: Business consulting

Ensure Your Construction Accounting System is Up-to-Speed

Posted by Concannon Miller on Tue, May 10, 2022

Construction accounting is distinctively complex. Unlike other businesses that rely heavily on a general ledger to track finances, construction companies need to master a project-based approach to accounting.

After all, each of your jobs serves as an individual profit center — with its own scope, timeline, payroll, revenue and expenses.

That's why your accounting software shouldn't function like any other company's off-the-shelf solution. Here are some key features to ensure that your system gives you the right functionality.

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Topics: Construction & Real Estate Development

From Automat to Automatic: How New Tech is Bringing Efficiencies to Restaurants

Posted by Concannon Miller on Thu, May 5, 2022

From the drive through speaker to the QR code menu, restaurant patrons are familiar with the evolution of technology that streamlines front of house operations.

Recent years have seen increased focus on innovation at the back of house. Though they might not be visible to the average customer, changes underway will have a profound impact on customer experience.

As the restaurant industry recovers from labor shortages, supply chain disruption and other COVID-19 related setbacks of the last few years, adoption of back of house technology can help establishments manage inventory, mitigate staffing shortages and elevate customer experience for a competitive edge.

Restaurants looking to take advantage of today’s wealth of back of house tools can take a strategic approach to innovation that takes return on investment (ROI) and staffing implications into account.

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Topics: Restaurants

Salary Increase Budgets Jump for Nonprofit Organizations

Posted by Concannon Miller on Tue, May 3, 2022

In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets.

For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to levels not seen in years, according to BDO’s first-quarter 2022 Salary Increase Budget Pulse Survey.

The average 2022 merit budget set in Q3 2021 was estimated to be around 3%, in line with previous years.

However, as 2022 approached, the talent shortage persisted, and it became clear that salary increase budgets needed to be higher. Merit budget predictions in Q4 2021 increased to just under 4%.

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Topics: Nonprofit Organizations

Filed Your Taxes? Which Records to Keep in 2022

Posted by Concannon Miller on Thu, Apr 28, 2022

The general rule for retaining federal tax records is three years. That's because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on the later of 1) the due date for your tax return, or 2) the date on which you file your taxes.

However, there are many exceptions to this rule of thumb that require you to save financial documents longer. And some states have different records retention requirements. So, it's often prudent to keep most financial records longer than three years.

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Topics: Individual tax planning

S Corp. Vs. LLC: How a Manufacturing Company is Structured Impacts Taxes

Posted by Concannon Miller on Tue, Apr 26, 2022

For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations.

However, in recent years the limited liability company (LLC) has become another popular alternative. Let's compare these two business structures.

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Topics: Manufacturing

Own an S Corp? Here’s What Fringe Benefits are Taxed

Posted by Concannon Miller on Thu, Apr 21, 2022

In general, the value of statutory fringe benefits paid to employees is exempt from federal income tax. But special rules apply to S corporation shareholders who own 2% or more of a company.

For these owner-employees, several fringe benefits are tax-exempt, but others — including some of the biggest benefits — constitute taxable income. Here's a brief rundown of the tax treatment of fringe benefits for individuals who own 2% or more of an S corporation.

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Topics: Business tax planning

Selling Your Business? Due Diligence, Tax Considerations to Weigh

Posted by Concannon Miller on Tue, Apr 19, 2022

When it comes to selling your business, you must consider the buyer's perspective — not just your own — to get the deal done.

Both sides will require certain due diligence procedures, which take time and patience to get through. Here's what to expect, including some tax considerations.

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Topics: Business tax planning, Business Valuation

Should Your Construction Firm Expand Your Facility or into New Markets?

Posted by Concannon Miller on Thu, Apr 14, 2022

When business starts to increase, it's time to dig in your heels a little deeper to turn your construction firm's revenue growth into an upward trend — rather than just a good month. Buying or renting a larger facility can help.

There are certain key factors to consider when making a decision to expand or consolidate your physical plant operations base. Here are some questions to consider before you start allocating dollars to the plan:

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Topics: Construction & Real Estate Development

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