Month: September 2021

How to Prepare Your Taxes for an Income Increase

How to Prepare Your Taxes for an Income Increase

Milford, NH Resident Expects a Big Bonus

Any significant changes to your annual income can push you to the next tax bracket.  This means that the additional money received may be taxed at a higher rate.  The good news is that the original income that you were anticipating throughout the year will not be taxed at a higher rate.  The federal tax system in the United States is progressive, which means as your income increases only these additional portions that exceed the limits of a current tax bracket are taxed at a higher rate.

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How Will the Child Care Deduction Affect Your Taxes?

How Will the Child Care Deduction Affect Your Taxes

Nashua, NH Resident Looks for Answers

Child tax credit payments began over the summer and will continue through the year for qualifying families.  When you go to file your 2021 taxes, you will only be eligible for half of the normal child care credit because the other half was already received throughout the second half of 2021.  Since the deduction is based off of your 2020 income, a significant increase in your income may leave you owing some of the money back to the IRS if it exceeds the thresholds set. 

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405 Daniel Webster Hwy
Merrimack, NH 03054
(603) 429-2009

Regular Hours

Sunday: Closed
Monday: 9AM-4PM
Tuesday: Closed
Wednesday: 9AM-4PM
Thursday: Closed
Friday: 9AM-3PM
Saturday: Closed

Tax Season Hours (Feb 1 - Apr 15)

Sunday: Closed
Monday: 9AM-5PM
Tuesday: 9AM-5PM
Wednesday: 9AM-5PM
Thursday: 9AM-5PM
Friday: 9AM-4PM
Saturday: 9AM-2PM