4Thought Blog

4thought graphic - blog 2020

Transferring Ownership: What McDonald’s Owners Should be Considering Now

Posted by Steve Bickert on Tue, Sep 20, 2022

McDonald’s new rules may affect a lot of Owners, including how you transfer your restaurants.

Restaurant transfers and sales have always been an important and complicated part of McDonald’s ownership – it affects how you’ll be set up for retirement and how the next Owners will be set up for success in the future.

Here’s what Owners should know about McDonald’s new rules affecting Next Gen Owners.

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Topics: McDonald's management

Manufacturers: Take Note of Key Tax Provisions of the CHIPS Act

Posted by Concannon Miller on Thu, Sep 15, 2022

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) recently became law as part of the CHIPS and Science Act of 2022.

Among other things, the new law provides more than $52 billion in funding for manufacturers to produce semiconductors, also known as chips. It also includes a temporary 25% tax credit for investments in chip manufacturing.

While the incentives themselves are narrowly targeted, the expansion of semiconductor production should benefit a wide range of manufacturers. Here's a summary of the two main components of the CHIPS Act: the funding initiatives and the new manufacturing tax credit.

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Topics: Manufacturing

Businesses: How to Get the Bank Financing You Need in 2022

Posted by Concannon Miller on Tue, Sep 13, 2022

Business borrowers aren't just facing higher interest rates today. The terms of new loans have also become more restrictive. Nearly a quarter of senior loan officers reported tighter standards for commercial and industrial loans in the Federal Reserve's second-quarter survey on bank lending practices.

As banks rein in their lending practices, it's important for business owners to put their best foot forward when they apply for credit. Here's how to position your business in the best possible light on a loan application and negotiate favorable loan terms.

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Topics: Business consulting

Own a Construction Business? Tips to Diversify Wealth

Posted by Concannon Miller on Thu, Sep 8, 2022

Many contractors prioritize business financial management over personal wealth management. It's an easy trap to fall into given how competitive the construction industry can be.

Let's discuss some ways to manage your wealth while you run your business.

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Topics: Construction & Real Estate Development

Making A Family Gift? New Estate Rules to Know

Posted by Tammie Yearwood on Tue, Sep 6, 2022

With holidays and end of year tax planning, the time around the new year is pretty popular for financial gifts.

There’s a recent tax court ruling that emphasizes the timing of the gift and when it is considered to be a completed gift; specifically when gifts are made by checks at the end of the year. The court recently ruled that gifts don’t count if the checks aren’t cashed.

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Topics: Estate and Trust Services

Electric Cars: How to Cash in on the New Federal Tax Credit

Posted by Concannon Miller on Thu, Sep 1, 2022

You've probably heard that the newly enacted Inflation Reduction Act of 2022 (IRA) includes a package of measures to fight climate change, including tax incentives for both consumers and businesses.

Among other things, the law extends and revises a tax credit for buying a "clean vehicle" through 2032. This was previously referred to as the electric vehicle (EV) credit.

The credit is worth exploring if you're in the market for a new car or expect to be in the future.

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Topics: Individual tax planning

Nonprofits: Strategies to Avoid 5 Potential Tax Traps

Posted by Concannon Miller on Tue, Aug 30, 2022

If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax.

However, it's still possible for nonprofits to follow the rules and experience adverse tax consequences. Here are five potential tax traps that could catch you off guard.

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Topics: Nonprofit Organizations

Common Billing Methods in Construction: What’s Best for Your Company

Posted by Concannon Miller on Tue, Aug 23, 2022

Your neighborhood ice cream shoppe no doubt operates under a simple fixed price, point-of-sale billing method. Construction companies don't have it so easy.

Because of the project-based, decentralized nature of construction work, contractors need to use various billing methods. Let's review the five most common in case you might be overlooking an approach that could better suit your business needs.

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Topics: Construction & Real Estate Development

Deducting Small Equipment: McDonald’s Owners Need an Accounting Policy

Posted by Concannon Miller on Thu, Aug 18, 2022

There are several tax policies geared at deducting major equipment purchases – such as Section 179 and Bonus Depreciation – but there’s another IRS rule McDonald’s Owners should know that applies to smaller expenditures for the acquisition or improvement of tangible property.

The IRS Repair Regulations are a way for McDonald’s Owners to deduct the costs of smaller purchases – such as muffin toasters, sweetener dispensers, etc., in the year acquired without impacting any accelerated depreciation limitation. But you need a specific accounting policy in place to take advantage of this benefit.

While repair regulation rules have flown under the radar since 100% bonus depreciation was passed as part of the Tax Cuts and Jobs Act at the end of 2017, it may be a useful tax planning tool again soon with bonus depreciation scheduled to begin phasing down each year starting in January 2023 and all the way to 0% by January 2027.

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Topics: McDonald's management

Inflation Reduction Act: The Business, Individual Tax Changes to Know

Posted by Concannon Miller on Tue, Aug 16, 2022

Congress has passed the Inflation Reduction Act (IRA) and President Biden is expected to sign it into law.

The $740 billion bill contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It's intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement of tax compliance by the IRS.

Here are some highlights of the bill.

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Topics: Business tax planning, Individual tax planning

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