When Does Your Child Need to File Income Tax?

When Does Your Child Need to File Income Tax

Parents in Milford, NH Have Questions

A rite of passage for any working teen is the filing of their first income tax.  A status as a dependent does not exempt your child from filing income taxes.  If the child’s earned income reaches $12,200 or unearned income, from investment interest, above $1,100.  For those that are self-employed generating income, if the net earnings exceed $400 an income tax return must be filed. 

Continue reading

How are Life Insurance Payouts Taxed?

How are Life Insurance Payouts Taxed

Milford, NH Resident Looks for Advice

When money is paid from a life insurance policy upon death, the money is not considered taxable income and the beneficiary does not have to pay taxes.  If the money is not immediately paid out but is held by the insurance company for some reason, interest that is generated during that time may be subject to taxes.  If the insurance is paid to the estate, as opposed to a beneficiary, you may have to pay an estate tax on the money.

Continue reading

What are the Reasons to Amend a Tax Return?

amend a tax return

Nashua, NH Resident Asks for Advice

Amending a tax return in your favor can give you money back that you had not been entitled to before these changes.  Amendments such as claiming overlooked deductions, IRS rule changes, miscalculations and a corrected 1099 or W2 can all work in your favor, giving you a larger return.  You will want to make changes to past tax returns if there are errors that may be flagged by the IRS, including unreported income.

Continue reading

How Will the Stimulus Package Affect Your Taxes

How Will the Stimulus Package Affect Your Taxes

Bedford, NH Resident Has Concerns

The government’s recent stimulus package was distributed to millions of Americans.  The stimulus money is not considered income by the IRS and will not be taxed.  While the money itself is not taxed, this will count toward your household’s adjusted gross income for 2020.  For some, this additional income may be enough to put you into a higher tax bracket. 

Continue reading

How to Prepare for an IRS Audit

How to Prepare for an IRS Audit

Hudson, NH Resident Seeks Advice

While the number of individuals audited is small in comparison to returns, it does not necessarily imply a suspicion of criminal activity.  Tax returns that have any unusual deduction, conflicting calculations or are missing paperwork may be flagged for an audit.  After you receive a letter from the IRS indicating that you are being audited you will have thirty days to respond.  In the letter, the IRS will indicate the paperwork that is needed and these 30 days should be used gathering this information and supplying it to the IRS.

Continue reading

How Will My Inheritance Be Taxed?

How Will My Inheritance Be Taxed

Amherst, NH Resident Seeks Advice

An inheritance can be taxed through an inheritance tax and an estate tax.  The estate tax will come directly out of the estate before it is divided and distributed, leaving recipients only responsible for the inheritance tax.  There is no federal inheritance tax and only some states, New Hampshire not being one of them, collect an inheritance tax.  In most cases, taxes will already be taken out of the estate before it is given to the benefactors.

Continue reading

Who Needs to Pay Estimated Taxes?

Who-Needs-to-Pay-Estimated-Taxes

Bedford, NH Resident Has Questions

Anyone who owns a business or works as a freelancer, earning non-wage income, is required to make estimated tax payments.  This self-employed income has no automatic tax withholdings.  Salaried employees who have completed a W2, have taxes withheld directly from their paycheck.  However, if you are not a W2 employee these deductions will not be made and you will instead need to pay estimated taxes.

Continue reading

Are Health Insurance Premiums Tax-Deductible?

Are Health Insurance Premiums Tax-Deductible?

Self-Employed Milford, NH Resident Has Questions

Self-employed individuals are able to deduct all premiums paid for health insurance.  This deduction is not available if the individual is eligible to participate in an employer’s health care plan but chooses to decline.  If you qualify for coverage under a spouse’s healthcare plan but decline this also, the tax deduction is ineligible.  Keep in mind that self-employed individuals are not able to deduct more than their generated income in a single calendar year.

Continue reading

How Will Working from Home Affect My Taxes?

Can a Home Office Be Considered a Business Expense

Windham, NH Resident Seeks Advice

Employees working from home are no longer able to deduct business expenses, as this deduction was eliminated in 2018.  Only self-employed individuals can qualify for home office deductions.  Self-employed workers can claim either $5 per square foot of home office space up to 300 square feet, or a percentage of the home and costs to maintain it as a deduction.

Continue reading

best-ways-to-protect-your-inheritance-from-taxes

Nashua, NH Resident Needs Help

If the property and other inheritance is below a certain dollar threshold, this will not be taxed.  The estate tax can be up to 40% of the value of the inheritance, depending on how much the inheritance totals.  In the United States this threshold is just over $11.5 million.  One way to avoid having your loved ones pay exorbitant taxes on their inheritance is by giving away your assets prior to your death.  $15,000 can be gifted each year to an individual without paying tax.

Continue reading


Get in Touch

(603) 429-2009

Call Us Today

Sign up for Our Newsletter

Subscribe for news and updates.

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