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Month: July 2020

How Will My Inheritance Be Taxed?

Amherst, NH Resident Seeks Advice

An inheritance can be taxed through an inheritance tax and an estate tax.  The estate tax will come directly out of the estate before it is divided and distributed, leaving recipients only responsible for the inheritance tax.  There is no federal inheritance tax and only some states, New Hampshire not being one of them, collect an inheritance tax.  In most cases, taxes will already be taken out of the estate before it is given to the benefactors.

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Who Needs to Pay Estimated Taxes?

Bedford, NH Resident Has Questions

Anyone who owns a business or works as a freelancer, earning non-wage income, is required to make estimated tax payments.  This self-employed income has no automatic tax withholdings.  Salaried employees who have completed a W2, have taxes withheld directly from their paycheck.  However, if you are not a W2 employee these deductions will not be made and you will instead need to pay estimated taxes.

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