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Tax accountability plans, synonymous with tax compliance programs, are structured IRS arrangements designed to assist taxpayers in meeting their obligations efficiently.
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) is a major piece of legislation that was signed into law in August 2022. The IRA is designed to address a number of issues, including climate change, inflation, and healthcare costs. The IRA also contains a number of tax provisions that could have a significant impact on taxpayers. Some of…
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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 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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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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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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