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Month: November 2020

What are Itemized Deductions?

Back to the Basics for this Nashua, NH Resident

Itemized deductions are a range of expenses that are deductible on your taxes.  These include mortgage interest, property taxes, medical and dental expenses that exceed 7.5% of your adjusted gross income, charitable donations and more.  Itemized deductions reduce your taxable income significantly, resulting in less taxes paid and, in some cases, even a lower tax bracket.

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Goffstown, NH Resident Has Questions

Not filing your taxes on time could result in a failure-to-file penalty.  This penalty is 5% of the unpaid taxes for each month that the tax return is late, up to five months.  Continuing to ignore your taxes could result in the IRS taking action in the form of a federal tax lien on your property, seizing your property and even filing charges for tax evasion.

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