Articles From Lumsden McCormick
Bartering Constitutes a Taxable Transaction
Posted by Alexander Intihar on March 18, 2024
Small business owners and entrepreneurs may barter for good and services. Prior to setting-up an agreement, make sure you understand the tax implications and what market value represents.
2023 Year-End Tax Planning Guide - Tax Accounting Methods
Posted by Cheryl A. Jankowski on March 15, 2024
A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Many method changes require an application be filed with the IRS prior to the end of the year for which the change is requested.
Exploring Funding Mechanisms for Long-Term Care Expenses
Posted by Robert Ingrasci on March 14, 2024
To safeguard your assets earmarked for heirs, it's crucial to have a funding plan in place for long-term care insurance and expenses.
Optimizing Your Nonprofit’s Social Media Presence
Posted by Christine Proulx Grzyb on March 13, 2024
How long has it been since your nonprofit assessed its social media strategy? Look at the social media platforms to determine which are best to connect with donors, taking into account your organizational mission, target audience, and existing staff resources.
The Hidden Tax on Social Security Benefits
Posted by D’Marie Kleeman on March 12, 2024
It is important to know the nuances of how Social Security benefits are taxed, as many people wrongly think that these benefits are completely free from federal income tax.
2023 Year-End Tax Planning Guide - Business Incentives & Tax Credits
Posted by Kristin Re’ on March 12, 2024
Learn about refundable payroll tax credits, earning tax credit for increasing research activities, tax credit monetization and more in this guide covering business incentives and tax credits.
Maximizing Tax Benefits: Utilizing the Work Opportunity Tax Credit in Manufacturing
Posted by Kristin Re’ on March 12, 2024
Claiming the Work Opportunity Tax Credit is a federal tax credit that offers manufacturers an opportunity to diversity the workforce while realizing significant tax saving.
Optimizing the Qualified Business Income Deduction
Posted by Brian Kern on March 11, 2024
Eligible businesses can claim the qualified business income (QBI) deduction until 2025. After that, it will expire unless Congress decides to keep it. So take advantage of the tax benefit while it’s still available.
Enhancing the Effectiveness of an Incentive Trust: Four Key Strategies
Posted by Robert Ingrasci on March 07, 2024
An Incentive Trust is a useful estate planning tool to create a balance with your wishes and family member lifestyles.
Formalizing Nonprofit Mission Drift
Posted by Cathleen Karpik on March 06, 2024
While your nonprofit is adapting to changing circumstances to maximizing impact, it's crucial to formalize any significant shifts in your focus and mission.