Deferring Taxes on Advance Payments
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.
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To Maximize — Or Not to Maximize — Depreciation Deductions on Your 2025 Tax Return
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.
Read More2026 Federal Tax Rate Guide
Lumsden McCormick has released its annual Federal Tax Rate Guide.
Read MoreNot All “Business” Expenses Are Tax Deductible
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.
Read MoreInternal Red Flags That May Indicate Shaky Nonprofit Health
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.
Read More5 Smart Budgeting Tips for Manufacturers for the New Year
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.
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