Foncannon CPA Group blog page

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...

Now that the tax season is over (unless you file an extension), it's the perfect time to organize your tax-related documents. It's best to keep these documents for at least three years after the due date of your tax return (the IRS usually has this much time to...

Every year, the IRS sends out millions of letters to taxpayers, but unfortunately, scammers also send out millions of letters every year. It can be difficult to determine if the letter you just received is real or fake. However, here are seven tips that can help you...

  In an ongoing effort to bolster security measures, the Internal Revenue Service (IRS) and their partners from the Security Summit initiative are reminding taxpayers about the opportunity to enhance their protection against identity theft during the 2024 tax...

With the deadline to make final 2023 quarterly estimated tax payments just around the corner (January 16), here are four facts you should know to avoid possible penalties : 1. Who needs to make a payment? Taxpayers who receive income that is not subject to tax...

Here’s an easy question: Do you need more 2023 tax deductions? If the answer is yes, continue reading. 2023 Last-Minute Vehicle Purchases to Save on Taxes Next easy question: do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate...

Now that tax season is behind us, it's never too early to start planning for the next filing season. By taking proactive steps and implementing a few simple strategies, you can reduce tax-filing stress and ensure a smoother process. In this blog post, we will share...