by The Foncannon Team | Feb 27, 2025 | Uncategorized
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...
by The Foncannon Team | Feb 25, 2025 | Uncategorized
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...
by The Foncannon Team | Jan 27, 2025 | Uncategorized
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...
by The Foncannon Team | Jan 23, 2025 | Uncategorized
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...
by The Foncannon Team | Dec 29, 2024 | Uncategorized
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...
by The Foncannon Team | Dec 27, 2024 | Uncategorized
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...
