Foncannon CPA Group blog page

Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors. The Department of Labor enforces the Fair Labor...

Beware of Tax Relief Scams and Understanding Your Options The Internal Revenue Service (IRS) is issuing a cautionary reminder to taxpayers about the pitfalls of falling for schemes peddled by companies that claim they can settle tax debts for a fraction of the amount...

One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But regular depreciation for real property is slow. Residential rental...

Early withdrawals from a traditional IRA before age 59 1/2 generally incur a 10 percent penalty tax on the taxable portion of the withdrawal. There are several exceptions to this rule that can help you avoid the penalty under specific circumstances. Below, we have...

As we progress through the last half of the year, it's essential to understand what income sources are not subject to taxation. Being aware of tax-free income can help you keep more money in your pocket and make informed financial decisions throughout the year rather...

  As a parent, teaching your children the importance of money management and instilling a solid work ethic is crucial for their future success. One effective way to accomplish this is by employing your child in your business. Not only does this provide them with...

Embracing the warmth and adventure of summer offers more than just a chance to relax and enjoy the outdoors; it can also present opportunities to make savvy financial moves that benefit your tax situation. From life changes like getting married, which necessitates a...

What does a K-1 form entail? In the United States tax system, certain entities have the option to utilize pass-through taxation, which transfers the responsibility of income tax from the earner to those who benefit from it. The Schedule K-1 form is used to report the...

Are there tax breaks for working from home? If you own a small business and use part of your home for work, you may qualify for a tax deduction on your home office. However, should you worry that claiming this deduction will increase your chances of an IRS audit? What...