Month: April 2023

At What Age Do You Need to Begin Paying Federal Taxes?

Written by Paul Belfiore on April 28, 2023. Posted in Blog, Taxes.

Parents of Hollis, NH Teen Have Questions

For underaged children, filing a federal tax return is dependent on your income rather than your age. If
a minor child’s income exceeds $12,950 (for tax year 2022) they need to file a tax return. Any income
below this amount does not need to be claimed. If the teen is working for an employer, they will likely
automatically withhold taxes. To have this money refunded, a tax return will need to be filed for the
working minor. For those minors that are self-employed, if their income exceeds $400, they will need to
file a tax return. Self-employment taxes, including Social Security and Medicare contributions, will be
required on this self-employed income.

What is the Best Way to Organize Your Tax Documents?

Written by Paul Belfiore on April 14, 2023. Posted in Blog, Taxes.

Pepperell, NH Resident Looks to Get Organized

Keeping your tax documents and records organized can go a long way to making things easier when it
comes time to file your taxes. While the bulk of your tax forms and documents will arrive during January
of the following year, there are likely many receipts and other supporting documents that accumulate
throughout the year. Having a consistent routine for managing this paperwork, whether keeping
physical copies or electronic files, is key to ensuring that you have all of the necessary paperwork when
it comes time to file your taxes.