by The Foncannon Team | Oct 31, 2024 | Uncategorized
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...
by The Foncannon Team | Oct 30, 2024 | Uncategorized
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...
by The Foncannon Team | Oct 8, 2024 | Uncategorized
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...
by The Foncannon Team | Sep 23, 2024 | Uncategorized
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...
by The Foncannon Team | Aug 27, 2024 | Uncategorized
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...
by The Foncannon Team | Aug 21, 2024 | Uncategorized
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...
