Articles From Lumsden McCormick
Considerations When Converting Your Home into a Rental Property
Posted by Jonathan Herdlein on April 16, 2024
One option you may have thought of when buying a new home is to keep your current home and rent it out. This has possible tax advantages and disadvantages.
Establishing a Tax-Favored Retirement Plan: A Strategic Move for Your Business
Posted by Austin Robare on April 15, 2024
A retirement plan is a valuable benefit for any business. If you’re self-employed and have a SEP-IRA, you can put in up to 20% of your self-employment income, with a limit of $69,000 for 2024 (increase from 2023). If you work for your own corporation, up to 25% of your salary can go into your account, with the same limit of $69,000 for 2024.
Exploring Essential Estate Planning Terminology
Posted by Cheryl A. Jankowski on April 11, 2024
Estate planning involves some specific terms that may not be easy to understand for beginners. While some concepts like wills, trusts, and executors might be familiar, other terms might need more explanation. To help with understanding, here's a list of important terms that are frequently used in estate planning activities.
Harnessing Board Committees to Optimize Time and Expertise
Posted by Amina Diallo on April 10, 2024
Using board committees gives not-for-profit organizations a strategic way to improve member involvement, increase operational performance, and achieve specific goals.
The Advantages of Cloud Computing for Manufacturers
Posted by John George on April 09, 2024
When considering moving to cloud computing, it is essential to carefully evaluate possible service providers. Consult with reliable experts during the vendor selection process.
Record Guidelines for Income and Expenses During an IRS Audit
Posted by Michelle Waddell on April 08, 2024
A case study details the IRS scrutiny and how important recording keeping is.
The Significance of a Living Will in Estate Planning
Posted by D’Marie Kleeman on April 04, 2024
A living will is an essential part of your estate planning strategy, providing peace of mind for you and your family in case of unexpected situations. However, many people neglect the need to create this important document, despite its significance.
Exploring the Roles of a Trust Protector
Posted by D’Marie Kleeman on March 28, 2024
When managing the challenges of trust administration, having a trust protector can provide confidence and strengthen your trust framework and secure your legacy for future generations.
Improving Nonprofits: Guidelines for Restructuring
Posted by Jill Johnson on March 27, 2024
Before you move ahead with nonprofit restructuring, it's possible that you may need to file a new exemption application and deal with other challenges.
Choosing the Right Business Structure - An S Corporation or an LLC?
Posted by Hayden Coll on March 26, 2024
Choose between an S corporation or LLC for your business based on various factors and tax advice. Our team can guide you.