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 fully understand that conquering the complexities of tax compliance is crucial for your corporation’s financial success. Therefore, a pivotal document for corporations, Form 1120, the U.S. Corporation Income Tax Return, demands expert handling. In this article, we will guide you through the essentials of Form 1120 and explain how our…
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Filing Form 2290: Your Guide to Heavy Vehicle Use Tax

If you’re operating heavy vehicles on U.S. highways, understanding and complying with the Heavy Vehicle Use Tax (HVUT) is essential. Form 2290 serves as the key document for reporting and paying this tax, and it’s crucial for both legal compliance and the seamless operation of your business. This comprehensive guide will walk you through how…
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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. Not only is it essential for legal compliance, but it also helps you safeguard your business from penalties. In this article, we’ll unravel the details of Form 730 filing and explain its significance for your corporate entity. Understanding…
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Navigating the IRS Deadline: Form 1120S Extension for Corporations

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

Form 990-W, also known as the Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations, can be confusing to manage. Therefore, at Drenen Financial Services, we specialize in helping tax-exempt organizations understand and file this form correctly. Call Drenen Financial Services at 413-569-0015 or email us at office@drenenfs.com to schedule an appointment. Visit drenenfs.com…
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Understanding the Impact of the Tax Cuts and Jobs Act (TCJA) on SALT Deductions

The Tax Cuts and Jobs Act (TCJA) of 2017 brought significant changes to the tax landscape, particularly in how taxpayers handle state and local tax (SALT) deductions. At Drenen Financial Services, we specialize in helping individuals navigate these changes to optimize their financial strategies. Call Drenen Financial Services at 413-569-0015 or email us at office@drenenfs.com…
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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

Navigating the world of taxes can be overwhelming. However, at Drenen Financial Services, we aim to make the process simpler by providing clear answers to your most frequently asked questions. Therefore, call Drenen Financial Services at 413-569-0015 or email us at office@drenenfs.com to schedule an appointment. In addition, visit drenenfs.com for more information. Common Taxes…
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What are estimated tax payments and when should I make them?

Drenen Financial Services is here to provide clarity on estimated tax payments. Call us at 413-569-0015 or email office@drenenfs.com to schedule an appointment, and visit drenenfs.com for more information. What Are Estimated Tax Payments? Firstly, estimated payments are periodic payments you make throughout the year to cover taxes on income that isn’t subject to withholding.…
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