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Month: December 2020

Milford, NH Resident Looks for Insight

Short-term capital gains come from selling capital assets that have been owned for less than one year.  The tax rate for this money is equal to your ordinary tax rate.  Long-term capital gains are typically taxed lower than short-term.  In 2020 this tax rate was either 0%, 15% or 20%, depending on your annual income.  Selling stock, land or a business that has been in your possession for less than a year will significantly increase the amount of taxes you pay on these gains.

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Nashua, NH Resident Has Concerns

A 501(c)(3) organization is one that is recognized by the federal law as a non-profit.  These organizations are recognized by the IRS as being tax-exempt with primary activities being of a charitable nature.  To be able to deduct charitable contributions on your taxes, organizations much fall under section 501(c)(3).  This is also a good way to affirm whether the organization is indeed a charity.

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