Foncannon CPA Group blog page

As disaster preparation season approaches with National Wildfire Awareness Month in May and Hurricane Preparedness Week (May 4-10), the IRS urges taxpayers to safeguard critical financial and tax information before emergencies hit. With tax filing season behind us,...

Missing a quarterly estimated tax payment deadline can be expensive. With the IRS charging a 7 percent penalty for underpayments—and these penalties being non-deductible—the effective cost can feel more like 11 percent for many taxpayers. Fortunately, there's a...

Filing your taxes is just the first step—knowing when your refund will arrive is often the more pressing concern for many taxpayers. With millions of Americans now submitting their 2024 tax returns, understanding how to track your refund efficiently can save you time...

 Each year, the IRS releases its Dirty Dozen list to warn taxpayers, businesses, and tax professionals about common tax scams. These schemes put personal and financial information at risk, often leading to identity theft and fraudulent tax filings. While many scams...

If you’re a member of a multi-member LLC taxed as a partnership (as most are) or a traditional partnership, you may occasionally pay for business expenses out of pocket. These expenses—ranging from travel and meals to car expenses, continuing education, professional...

One of the most common questions business owners have is how to pay themselves properly. The right method depends on your business structure, and choosing the correct approach can impact your taxes and compliance. Here’s a quick guide to help you navigate this...

Did you know that when you sell your home, you may be able to exclude up to $250,000 of your gain from taxes if you're unmarried (or married, filing separately) and up to $500,000 if you're married and file jointly? Eligibility for the Exclusion To claim the full...

Did you miss your last estimated quarterly payment? If so, it can result in non-deductible penalties. To avoid these, make sure to use IRS Direct Pay or EFTPS—both secure and convenient methods.  Key Points to Keep in Mind Due Dates: For the 2024 tax year, payments...

As 2024 comes to an end, business owners should consider these two key questions: Are you in need of a replacement business vehicle—be it a car, SUV, van, or pickup truck?  Do you want to take advantage of tax deductions and credits before the year ends? If you...