Foncannon CPA Group blog page
Tax-Free Home Sale: When and Why You Need to Report to the IRS
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...
Missed an Estimated Tax Payment? Here’s What You Need to Know
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...
2024 Last-Minute Vehicle Purchases to Maximize Tax Savings
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...
Maximize Your 2024 Tax Savings with These Six Strategies
This guide will help you legally reduce your tax liability and, in some cases, even get the IRS to owe you money. While a direct payment from the IRS is unlikely, you can realize significant savings by lowering your taxable income. Below are six actionable business...
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...