The Timing Most suggestions to save on your taxes must be done before year-end to be effective for that year. However, certain retirement accounts can be adjusted into the next tax year, and can still help the previous year’s taxes. So, this year, you still have until…
Unmarried individuals can exclude up to $250,000 in profits from capital gains tax when they sell their primary personal residences, thanks to a home sales exclusion provided for by the Internal Revenue Code. Married taxpayers can exclude up to $500,000 in gains. The tax break is the Section…
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022 tax returns. In short, the IRS has determined it will not challenge the taxability of payments related to…
The dedicated staff at LMC Certified Public Accountants have been working hard, and the firm wanted to continue showing our appreciation by offering curated events throughout the month. One initiative put in place are the healthy snack and food choices available in the office every day. Each morning the…
In February 2023, the Biden-Harris Administration announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year, lowering housing costs for an estimated 850,000 homebuyers and homeowners in 2023. The Federal Housing Administration (FHA) will reduce its annual mortgage…
Under legislation signed into law last month with the passage of the Setting Every Community Up for Retirement Enhancement (“SECURE 2.0”), investors can roll up to $35,000 from a 529 account into a Roth individual retirement account starting in 2024. The move converts leftover money originally intended for…
A 2022 New York State law now requires that the New York form that charities must file, Form CHAR500, be submitted only online at the Charity Bureau website. It may no longer be filed by mail as in the past. The form must be filed by the organization…
Op-Ed Written by Lourdes Salzmann Senior Tax Accountant Remote work or hybrid environments are here to stay for many industries, particularly for the accounting, finance, and professional services industries. However, finding a healthy and sustainable balance between remote workers and in-person employees can be rather complicated. Remote…
In November 2022, LMC Certified Public Accountants announced a new division to the firm LMC Lending Services by The Bespoke Banker (LMCLS). This division, in partnership with Matthew Salmon, provides a unique service to clients who require assistance with their lender relationships. We are excited to announce that The Bespoke Banker…
Over the course of any year, LMC hosts its share of technical training to hone our employee’s expertise and keep their skills up to date. While those are extremely important, the firm also wanted to sharpen our staff members’ soft skills. We therefore hosted an engaging, in-person training…
