Cummings, Lamont & McNamee

07/11/2022

04/14/2022

Click below to see Michelle Goldsmith, CPA a Principal here at Cummings Lamont & McNamee, PLLC offer last minute tips to help taxpayers!

Thank you WMUR for offering great topics and trusting Cummings Lamont & McNamee!

With one week before the tax-filing deadline, experts are urging people to doublecheck their returns to avoid lengthy processing delays at the IRS.

01/26/2022

Want to get your tax return sooner and protect yourself from tax identity theft? File your tax return early. Click here for the full article https://www.clmcpa.com/news.html

12/03/2021

With year-end approaching, 3 ideas that may help cut your tax bill

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end.

1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you make your January 2022 payment in December, you can deduct the interest portion on your 2021 tax return (assuming you itemize).
Pushing income into the new year also will reduce your taxable income. If you’re expecting a bonus at work, for example, and you don’t want the income this year, ask if your employer can hold off on paying it until January. If you’re self-employed, you can delay your invoices until late in December to divert the revenue to 2022.
You shouldn’t pursue this approach if you expect to be in a higher tax bracket next year. Also, if you’re eligible for the qualified business income deduction for pass-through entities, you might reduce the amount of that deduction if you reduce your income.

2. Maximize your retirement contributions. What could be better than paying yourself? Federal tax law encourages individual taxpayers to make the maximum allowable contributions for the year to their retirement accounts, including traditional IRAs and SEP plans, 401(k)s and deferred annuities.
For 2021, you generally can contribute as much as $19,500 to 401(k)s and $6,000 for traditional IRAs. Self-employed individuals can contribute up to 25% of your net income (but no more than $58,000) to a SEP IRA.

3. Harvest your investment losses. Losing money on your investments has a bit of an upside — it gives you the opportunity to offset taxable gains. If you sell underperforming investments before the end of the year, you can offset gains realized this year on a dollar-for-dollar basis.
If you have more losses than gains, you generally can apply up to $3,000 of the excess to reduce your ordinary income. Any remaining losses are carried forward to future tax years.

There’s still time!

The ideas described above are only a few of the strategies that still may be available. Contact us if you have questions about these or other methods for minimizing your tax liability for 2021

09/21/2021

If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Click on the link for the basic rules https://www.clmcpa.com/news.html

08/10/2021

5 possible tax aspects of a parent moving into a nursing home

Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home. Please click here for the full article https://www.clmcpa.com/news.html

10/27/2020

Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid http://www.clmcpa.com/news.html.

03/31/2020

You’ve probably heard about the cash payments the government is sending out due to the coronavirus (COVID-19) pandemic. Do you qualify? Click here to read the full article: http://www.clmcpa.com/news.html

03/19/2020

The IRS recently announced it is extending the due date for the payment of taxes to July 15, 2020. However, IRS has not extended the filing due date which means returns must still either be filed by April 15th or an automatic extension must be filed. Estimated tax payments for tax year 2020 which are normally due on April 15th are also extended to July 15, 2020. Although IRS has provided special payment relief, many states have not yet announced their own plans on whether they will implement a similar payment extension. In light of this situation, Cummings, Lamont and McNamee, PLLC has chosen to continue preparing returns as if they are still due on April 15th and will prepare extensions as needed. This means a client could have a completed tax return that can be filed by April 15th, but have until July 15, 2020 to pay the tax due with the return. Clients expecting refunds will want to file their returns as usual in order to receive their refund as quickly as possible. Our firm will continue to monitor this situation as it evolves and respond accordingly.

We recognize the stress and anxiety that exists during this time and will do our best to serve your needs while maintaining a safe working environment for our staff. As such we ask for your patience and understanding as we work through the heightened challenges of this tax season.

02/26/2020

Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.

Changes made by the Tax Cuts and Jobs Act (TCJA) make the child tax credit more valuable and allow more taxpayers to be able to benefit from it. These changes apply through 2025.