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Articles From Lumsden McCormick Financial Services

Lumsden McCormick provides resources to assist you as you plan for your business and personal success. Articles published by our accountants, resources available through our affiliation with the BDO Alliance USA and our industry-specific newsletters are listed below.
5 Social Security Myths: Separating Fact from Fiction

5 Social Security Myths: Separating Fact from Fiction

Posted by Jeffrey Budzinski on March 11, 2025

In this article, we’ll break down some of the most common social security myths.

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What It Takes to Become an Accredited Investor

What It Takes to Become an Accredited Investor

Posted by Jeffrey Budzinski on February 25, 2025

For the average investor, the financial landscape can sometimes feel like a complex maze with limited access to certain investment opportunities.

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Starting a Roth IRA for a Teen

Starting a Roth IRA for a Teen

Posted by Austin Robare on February 18, 2025

Want to give your child or grandchild a financial head start? A Roth IRA might be a choice to consider.

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How Income Taxes Work

How Income Taxes Work

Posted by Jeffrey Budzinski on February 13, 2025

Taxpayers and businesses spend an estimated 7.9 billion hours a year complying with tax-filing requirements, which is worth $413 billion in economic value just to comply with tax regulations.

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Filing Final Tax Returns for the Deceased

Filing Final Tax Returns for the Deceased

Posted by Jeffrey Budzinski on February 11, 2025

If a departed family member earned taxable income during the year in which they died, then federal taxes may be owed. An executor or a survivor must, therefore, file a final federal income tax return.

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Catch-Up Contributions

Catch-Up Contributions

Posted by Austin Robare on February 06, 2025

In 2001 Congress passed a law that can help older workers make up for lost time. But few may understand how this generous offer can add up over time.

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What If Your Kids Decide Against College?

What If Your Kids Decide Against College?

Posted by Austin Robare on February 04, 2025

What happens if your child or grandchild decides college isn't the right path for them?

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Retirement Strategy After a Job Loss

Retirement Strategy After a Job Loss

Posted by Jeffrey Budzinski on January 30, 2025

Whether or not a job loss or layoff comes unexpectedly, you may have more choices than you think. Here are a few things to consider.

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New Retirement Contribution Limits for 2025

New Retirement Contribution Limits for 2025

Posted by Austin Robare on January 21, 2025

The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year.

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How the SECURE Act 2.0 Changed RMDs

How the SECURE Act 2.0 Changed RMDs

Posted by Austin Robare on January 16, 2025

In the final days of 2022, Congress passed the SECURE Act 2.0, a new set of rules designed to help investors who wanted to contribute to retirement plans.

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