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Month: July 2021

Hudson, NH Homeowner Looks for Advice

The interest paid on a mortgage is tax-deductible.  When you pay off your mortgage, you will no longer be paying interest and will lose this tax deduction. This will make your taxes go up as a result of eliminating this mortgage interest deduction.  Similarly, as you continue to pay your mortgage down over the years the amount of interest paid annually, and the tax deduction that goes along with it, will be reduced.

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Amherst, NH Residents Asks for Help

For each month that your estimated tax payment is due, but not paid, the IRS charges a 0.5% penalty.  As the months go by, this penalty percentage will increase to a maximum of 25% of the taxes owed.  Quarterly estimated tax payments are due April 15th, June 15th, September 15th, and January 15th of the following year.  When the date falls on a weekend, the payment is due the following weekday.  A missed payment is seen by the IRS as an underpayment and is treated as such.

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