Foncannon CPA Group blog page

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...

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...