How to Strategize Your Business for Schedule-C Taxpayers
How to lower your taxes legally on your Schedule-C for small business owners.
Local providers in the entire state of Massachusetts
How to lower your taxes legally on your Schedule-C for small business owners.
Capital gains tax can be a big surprise. Making a profit from selling stocks, bonds or fund shares could have financial implications that could hurt you in the long run if you are not aware of them. Single Filers Income Level Long-Term Tax Rate Short-Term Tax Rate* <$44,625 0% 10-12% >=$44,625 and <$492,300 15% 22-35%…
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The Inflation Reduction Act (IRA) became law in August 2022, aiming to tackle climate change, inflation, and healthcare costs. Moreover, it includes various tax provisions that will significantly impact taxpayers. Key Tax Provisions in the Inflation Reduction Act The IRA offers several crucial tax provisions targeting both individuals and corporations. Here are some highlights: 15%…
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Discover essential bookkeeping tips for small businesses and how Drenen Financial’s expert bookkeeping services can streamline your financial management. Learn how accurate bookkeeping can boost your business’s success.
Frequently Asked Questions What Are Capital Gains? At its core, capital gains signify the profit you earn from selling an asset, be it stocks, real estate, or investments. When the selling price surpasses the asset’s initial purchase cost, you unequivocally achieve a capital gain! These gains manifest in two distinct varieties: short-term and long-term. Short-Term…
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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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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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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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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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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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