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...
by The Foncannon Team | Jun 29, 2024 | Uncategorized
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...
by The Foncannon Team | May 30, 2024 | Uncategorized
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...
