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Month: September 2022

What are Some Tax Credits for Employers?

Litchfield, NH Business Owners Looks for Advice

As a small business owner there are some important tax credits that can save you money, including the Work Opportunity Tax Credit.  This credit, worth up to $9,600 per employee, is for veterans, long-term unemployed individuals who have been actively looking for work for 27 weeks or longer, and those receiving assistance from TANF (Temporary Assistance for Needy Families) or SNAP (Supplemental Nutrition Assistance Program).  Those small businesses that offer health care to employees may be eligible for the Small Business Health Care Credit, which can cover up to 50% of healthcare premiums paid by the company for employees’ healthcare.

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How Does Filing for Bankruptcy Affect Tax Debt?

Milford, NH Resident Weighs His Options

Filing for bankruptcy is a difficult decision, and one that should not be taken lightly.  While under federal bankruptcy law this will stop creditors from chasing you, tax debt is treated differently being considered nondischargeable priority debt.  With exceptions, bankruptcy will not eliminate this type of debt and it is given priority over other claims.  If you have a tax lien against your property, filing for bankruptcy will not remove the lien and the IRS will still have a claim to your property until the debt is paid.

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