Foncannon CPA Group blog page
Three key tax tips for holiday business expenses
Can you believe Thanksgiving is just around the corner? The holiday season will be here in a blink of an eye, and there is no better time to show gratitude to your employees and customers. However, knowing what should be considered a business deduction for holiday...
IRS Warns of Post-Hurricane Charity Scams; Provides Resources to Verify Legitimate Organizations
Following Hurricanes Milton and Helene, the IRS is urging taxpayers to stay vigilant against scammers posing as charitable organizations to steal personal and financial information from unsuspecting donors. Fake charities often appear after natural disasters and other...
Navigating New Challenges: How the Department of Labor’s Latest Regulations Impact Hiring Independent Contractors
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...
IRS Alerts on “Mills” Taking Advantage of Taxpayers With Offer in Compromise Program
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...
Is Cost Segregation the Right Strategy for You?
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...
Understanding the Exceptions: How to Avoid the 10% Early Withdrawal Penalty on Your IRA
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...
10 Welcome Tax Breaks: Discover the Income IRS Won’t Tax in 2024
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...
Employing Your Child? How to Do It Right and Reap the Tax Benefits
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...
8 Summertime Tax Planning Tips
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...