Articles From Lumsden McCormick

Lumsden McCormick provides resources to assist you as you plan for your business and personal success. Articles published by our accountants, resources available through our affiliation with the BDO Alliance USA, and our industry-specific newsletters are listed below.

The Estate Planning Potential of Self-Directed IRAs

Posted by Robert Ingrasci on July 04, 2024

Self-directed IRAs can enhance traditional and Roth IRAs' benefits by allowing investments in alternative assets, potentially offering higher returns. However, they come with significant risks and tax implications that require careful management. Individuals considering self-directed IRAs should evaluate these factors to optimize their estate planning strategies.

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Key Midyear Tax-Reduction Strategies for Manufacturers

Posted by Kristin Re’ on July 02, 2024

As July marks the midyear point, manufacturers have a prime opportunity to reassess their tax strategies and implement measures to reduce their 2024 tax liabilities. Tailored to the unique circumstances of each business, the following seven tax-reduction strategies can help optimize financial outcomes and ensure compliance with current tax regulations.

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Borrowing from Your Closely Held Business: Structure the Deal with Precision

Posted by Douglas Muth on July 01, 2024

Borrowing from a closely held corporation at lower rates than commercial lenders can be financially beneficial, but it is essential to establish a legitimate loan agreement with proper structuring and documentation to mitigate risks such as reclassification by the IRS as additional compensation or taxable dividends.

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Five Essential Elements for Effective Estate Planning

Posted by Amanda Wojtkowski on June 27, 2024

This article discusses five essential elements for effective estate planning, which are holistic coordination, current beneficiary designations, trust funding, correct asset titling, and ongoing plan review.

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Q3 Tax Deadlines for Business Owners

Posted by Emily Isaacson on June 24, 2024

We outline important third quarter tax filing dates, including July 15, July 31, and September 16.

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Understanding Undue Influence

Posted by D’Marie Murray on June 20, 2024

The article explains the concept of undue influence and provides tips to protect your estate plan from undue influence claims, such as using a revocable trust, verifying competency, preventing the appearance of undue influence, communicating with family, and including a no-contest clause.

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Strategies for Sustained Profitability in Manufacturing

Posted by John George on June 18, 2024

For sustained profitability in the manufacturing sector, management must emphasize the importance of profit enhancement over revenue expansion. The strategies include optimizing overhead costs, leveraging negotiation opportunities, investing in modern equipment, strengthening the workforce, reviewing business entities, and prioritizing operational efficiency. 

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Hiring Your Child to Work at Your Business This Summer

Posted by John Anderson on June 17, 2024

Hiring your child to work at your business this summer can provide significant tax breaks, including exemptions from Social Security, Medicare, and federal unemployment taxes, and the ability to shelter up to $14,600 of their wages from federal income tax using the standard deduction. Additionally, you can deduct their wages as a business expense, reducing both your income tax and self-employment tax bills.

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Safeguard Your Digital Legacy: A Must-Do for Every Estate Plan

Posted by Cheryl A. Jankowski on June 12, 2024

Digital assets often leave no paper trail, making it crucial to include them in your estate plan to ensure your family can locate and access them. Take inventory of your digital assets, provide access instructions, and ensure your representatives have the necessary legal consent to manage these accounts; contact us for further assistance.

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Understanding Corporate Estimated Tax Payments

Posted by Amanda Ornowski on June 10, 2024

To avoid penalties on your next quarterly estimated tax payment, your business should aim to pay the minimum required estimated tax using one of four methods: the current year method, the preceding year method, the annualized income method, or the seasonal income method. 

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