Westfield, MA 01085 USA

Month: August 2023

Local providers in the entire state of Massachusetts

IRS Cracking Down on Cryptocurrency taxes

The Internal Revenue Service (IRS) is stepping up its enforcement of cryptocurrency taxes. In a recent announcement, the IRS said that it is sending letters to taxpayers who have not reported their cryptocurrency transactions. The letters will warn taxpayers that they may be subject to penalties if they do not report their cryptocurrency income. Why…
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How to file form 1120

At Drenen Financial Services, we assertively grasp that conquering the intricacies of tax compliance is paramount for your corporation’s financial triumph. A pivotal document for corporations, Form 1120, the U.S. Corporation Income Tax Return, demands mastery. This article rigorously delves into its intricacies and illuminates how our unwavering expertise can empower your business. What is…
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Filing Form 2290: Your Guide to Heavy Vehicle Use Tax

If you’re operating heavy vehicles on U.S. highways, it’s essential to understand and comply with the Heavy Vehicle Use Tax (HVUT). Form 2290 serves as the key document for reporting and paying this tax, and it’s critical for both legal compliance and the seamless operation of your business. In this comprehensive article, we’ll provide you…
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Demystifying IRS Form 730: Compliance for Corporations

For corporations involved in specific financial activities, understanding the IRS deadline for Form 730 filing is vital. Comprehending the intricacies of this process is not only essential for legal compliance but also for safeguarding your business from penalties. In this article, we’ll unravel the details of Form 730 filing and explain its significance for your…
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Navigating the IRS Deadline: Form 1120S Extension for Corporations

As corporations on a calendar year approach the IRS deadline, some may require extra time to prepare and submit Form 1120S. Fortunately, an extension option is available, providing a generous six-month grace period. Understanding this process is vital. In this article, we’ll explore the ins and outs of filing a calendar year Form 1120S extension…
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All About Form 990-W: Drenen Financial Services Can Help!

For those closely affiliated with tax-exempt organizations, Form 990-W is undoubtedly a familiar fixture. Officially recognized as the ‘Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations,’ this form carries profound significance within your spectrum of financial duties. Irrespective of whether your affiliation lies with a nonprofit, charitable entity, or any other tax-exempt organization,…
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Understanding the Impact of the Tax Cuts and Jobs Act (TCJA) on SALT Deductions

President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) into law in December 2017. It brought substantial changes to the federal tax code, including alterations to the State and Local Tax (SALT) deduction. Here’s a concise look at the TCJA’s impact on SALT and its potential implications once TCJA provisions expire: TCJA-Induced Changes:…
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SALT: Your Guide to State and Local Taxes Made Simple!

Taxes are a part of life, but they can get pretty complicated. One term you might come across is SALT, which stands for State and Local Taxes. Don’t let the acronym intimidate you; we’re here to break it down in simple terms. What Is SALT? SALT refers to the taxes you pay at the state…
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Tax FAQs Demystified: Your Guide to Common Questions and Answers about taxes

File Your Taxes Confidently: Choose from convenient options: file online through the IRS website, use trusted tax preparation software, or consult with a seasoned tax professional. Mark Your Calendar: Stay on top of tax deadlines. Typically, federal taxes are due by April 15th, but stay informed about any year-specific changes on the IRS website or…
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What are estimated tax payments and when should I make them?

Mastering Your Taxes: A Guide to Form 1040-ES and estimated tax payments Tax season stirs both anticipation and curiosity. Form 1040-ES, a vital tool for paying estimated tax payments, demystified in this guide for efficient navigation. Understanding Form 1040-ES and estimated tax payments What Is Form 1040-ES? Form 1040-ES, officially known as the Estimated Tax…
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