Month: June 2019

How to Avoid IRS Underpayment Penalties

RS Underpayment Penalties

Litchfield Resident Seeks Help

If you wind up owing $1,000 or more in taxes, you may incur an IRS underpayment penalty.  For the last tax season, those who paid in at least 80% of their tax bill did not incur the penalty, in the future that number will be 85%.  If you wind up a significant amount in taxes, it is important to adjust your tax withholdings for the current year.  This may mean having your employer take more out of your paycheck or increasing estimated payments for those that are self-employed.

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What Are Some Red Flags for an IRS Audit?

income-tax-IRS Audit

Goffstown Resident Inquires

Certain activity, even when legitimate can increase your risk for an IRS tax audit.  Some deductions can make an audit more likely including home office, business meals and travel, unreimbursed business expenses and alimony.  Errors in math on your return and not reporting taxable income, in the form of 1099s and W2s, are also all red flags.

A resident in Goffstown, NH was concerned about running the risk of an IRS audit.  He contacted Merrimack Tax Associates looking for suggestions to reduce that risk.

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405 Daniel Webster Hwy
Merrimack, NH 03054
(603) 429-2009

Regular Hours

Sunday: Closed
Monday: 9AM-4PM
Tuesday: Closed
Wednesday: 9AM-4PM
Thursday: Closed
Friday: 9AM-3PM
Saturday: Closed

Tax Season Hours (Feb 1 - Apr 15)

Sunday: Closed
Monday: 9AM-5PM
Tuesday: 9AM-5PM
Wednesday: 9AM-5PM
Thursday: 9AM-5PM
Friday: 9AM-4PM
Saturday: 9AM-2PM