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Individual Tax Services
Lumsden McCormick has decades of experience advising individuals on every aspect of personal taxation, from annual reporting and compliance to preserving wealth for future generations through trusts. Providing close personal attention, our highly experienced tax professionals guide clients through confusing and complex tax issues while considering every detail to avoid surprises and minimize tax burdens.
Personal income tax planning and preparation
Our proactive approach to tax planning and preparation keeps clients apprised of anticipated changes in tax laws and ensures compliance with complex regulatory requirements. Lumsden McCormick’s experienced professionals are available to assist in a wide array of ways, whether you are obtaining education financing, taking advantage of available credits or require representation in federal or state audits.
Retirement is often accompanied by a change in tax status and many questions, including how much and where pension distributions are taxed and how to establish “snowbird residency.” Our tax experts assist to create a solid financial strategy based on assets, income and tax obligations so clients can enjoy well-earned retirement years.
Gift Planning, estate taxes and trusts
For many individuals, wealth preservation is a high priority when planning for the future. For decades Lumsden McCormick’s trusted advisors have guided clients as they navigate the many options to consider. We assist clients in establishing a variety of tax-saving trusts to benefit future generations, support charities or leave a legacy. Our tax professionals assist clients in setting up charitable trusts and private foundations, as well as advise on establishing bylaws and selecting trustees. We also assist in designing accounting policies and procedures and maintaining proper accounting and reporting systems for tax compliance.
Friday, January 18, 2019
How certain are you that you’ve paid enough in taxes for 2018? The myriad of tax law changes in the TCJA has made it difficult to properly estimate 2018 tax liability. The IRS has just provided penalty relief for the underwithholding of 2018 taxes.
Thursday, January 17, 2019
Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn't pay enough estimated taxes if you're self-employed — you could have an unpleasant surprise when you file your 2018 return.
Thursday, January 10, 2019
The government shutdown is nearing its third week, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing preparations?
Friday, January 18, 2019
On December 22, 2017, President Trump signed sweeping federal tax reform into law. Our eBooks cover some of the most impactful measures from tax reform affecting businesses and individuals.
Monday, January 23, 2017
Michē Needham, CPA explain New York State's new requirements for eFiling 2016 returns.
Monday, January 9, 2017
In an effort to help protect your identity New York State requires an ID to be provided in order to e-file this year.