Skip to main content

Month: March 2024

How to Track Your Tax Refund

Nashua Resident Anxiously Waits

The IRS now has a refund tracking tool that allows you to check the status of your tax refund online. To check this, you will need your social security number, filing status, and the exact amount of the refund as outlined on your tax return. You can then check your status at the IRS’ website IRS Where’s My Refund. There are three options that will appear when searching for your refund; return received, refund approved, and refund sent. The first indicates that your tax return is still being processed. If the status is refund approved, this will show a date that the refund will be issued by. Refund sent indicates that the money is on its way. Direct deposit can take as many as five days to appear in your account, while a check mailed may take several weeks.

Continue reading

Litchfield, NH Resident Looks to Delay the Inevitable

There are plenty of reasons to file your taxes early, not the least of which are to get this done and off your to-do list. If you are expecting a tax refund, the sooner that you file your return the sooner the IRS can begin processing it and get your refund sent out. Filing your tax return early can also protect you from scammers and identity theft. If someone files a fraudulent tax return under your identity and you have already filed, the fraudulent one will be rejected.

Continue reading

Business Owner in Litchfield, NH Strategizes to Maximize Her Tax Deductions

There are some tax advantages to hiring your spouse to do work for your family business. You will not have to pay FUTA (Federal Unemployment Tax), which is set at 6.0%. Family based businesses are also exempt from withholding FICA (Federal Insurance Contributions Act). In order to take advantage of this tax savings, your spouse needs to contribute to the business for a compensation, making them a legitimate employee. This allows you to convert higher-taxed income from your business profit into lower-taxed income, creating significant savings.

Continue reading