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Month: January 2021

Will Your Business PPP Loan Be Tax Deductible?

Amherst, NH Business Owner Has Concerns

Businesses who took advantage of the Payroll Protection Program (PPP) can breathe a sigh of relief.  Legislators have decided money from the PPP will allow for the deduction of expenses.  This means that businesses will not lose any tax deductions that were expected because money was paid using the PPP loans.  This is big news for businesses and a huge relief of a potentially hefty tax burden.

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How Does a House Sale Affect Your Taxes

Brookline, NH Home Seller Has Questions

If you sell a home for a profit over what you paid for it, you will not have to pay taxes on this profit unless the gains exceed the threshold set by the IRS.  For single filers, this is $125,000 and $250,000 for married taxpayers.  Beyond this dollar amount, the remaining profit may be taxed as capital gains.

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