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Jon joined Lumsden McCormick with twenty-five years of experience in the area of auditing, financial statement reviews, tax return preparation and compliance, and consulting services with a primary focus on commercial businesses, manufacturing and distribution, real estate, and employee benefit plans.
State University of New York at Fredonia, Bachelor of Science, Accounting
Binghamton University, Master of Science, Accounting
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
Knights of Columbus, Cheektowaga, Member
Rotary Club of Batavia, Member
Jon is one of 13 children, with two younger brothers, five older sisters, and five older brothers. He has Bills and Bisons season tickets and was an avid movie goer prior to the pandemic.
The evaluation of an S Corporation for a new business venture highlights several advantages. Shareholders benefit from limited liability for corporate debts, and early losses can be deducted on personal tax returns. Additionally, the Qualified Business Income deduction offers potential tax benefits.
Proper documentation is essential for deducting charitable donations on your taxes. Cash donations require bank records or written communication from the charity, while noncash donations have additional requirements based on the donation amount, including receipts, written acknowledgments, and qualified appraisals for larger donations. Ensuring compliance with these rules helps secure your deductions and avoid issues with the IRS.
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.
