Articles From Lumsden McCormick
What’s Your Potential Business Vehicle Deduction?
Posted by Megan Morris-Smith on March 04, 2026
There’s much to consider before deciding whether to use the actual expense method or cents-per-mile method to deduct expenses for a vehicle your business placed in service in 2025.
April 15 Isn’t Only the Income Tax Return Filing Deadline, It’s Also the Gift Tax Return Filing Deadline
Posted by Amanda Ornowski on March 02, 2026
Many people are surprised to learn that they can be required to file a federal gift tax return even when no gift tax is owed. Here are the rules.
When Nonprofit Teams Don’t See Eye to Eye on Financial Reporting
Posted by Jenna Sheehan on February 26, 2026
When Accounting and Development teams clash, nonprofits pay the price. Learn how better coordination protects funding and strengthens your mission.
Play It Smart By Naming Co-Executors
Posted by Robert Ingrasci on February 24, 2026
Naming a trusted family member as executor may be a natural choice, but it may not be the best one. Here’s why naming a professional advisor as a co-executor is often a better option.
Deferring Taxes on Advance Payments
Posted by Brian Kern on February 23, 2026
If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes.
To Maximize — Or Not to Maximize — Depreciation Deductions on Your 2025 Tax Return
Posted by Kristin Re’ on February 19, 2026
Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years.
2026 Federal Tax Rate Guide
Posted by Cory Van Deusen V on February 09, 2026
Lumsden McCormick has released its annual Federal Tax Rate Guide.
Not All “Business” Expenses Are Tax Deductible
Posted by Alexander Intihar on February 03, 2026
As you look back to 2025 to determine what business expenses you can write off on your tax return, keep in mind the “ordinary and necessary” rule.
Internal Red Flags That May Indicate Shaky Nonprofit Health
Posted by Elizabeth Krause on February 02, 2026
While your nonprofit should monitor broader economic conditions to guard against potential external risks, don’t overlook these internal red flags that may signal deeper financial health concerns.
5 Smart Budgeting Tips for Manufacturers for the New Year
Posted by Amanda Mooney on January 30, 2026
Drafting an accurate budget can improve a manufacturer’s operational discipline and position the company to respond more effectively to market changes and unexpected challenges.