Westfield, MA 01085 USA

Category: Resources

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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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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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Section 1446 of the Internal Revenue Code: Foreign Partners

Unlocking the Secrets of Section 1446 of the Internal Revenue Code 📜💼 Navigating the labyrinth of tax regulations can be challenging, but understanding Section 1446 of the Internal Revenue Code is crucial for foreign partners and their investors. Let’s unravel the mysteries of this section and shed some light on its significance. 💡 🤝 What…
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What is an Enrolled Agent?

Enrolled Agents of the IRS An Enrolled Agent (EA) is a federally-authorized tax practitioner, expert in the field of taxation and empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. What does the term “Enrolled Agent” mean? “Enrolled” means…
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