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...
by The Foncannon Team | Jul 31, 2024 | Uncategorized
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...
by The Foncannon Team | Jul 30, 2024 | Uncategorized
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...
