Hudson, NH Resident Plans for the Future

Retirement income is not immune to taxes.  Taxes on required minimum distributions, including traditional IRAs and 401(k)s, are taxed on their gains and their pre-tax deductible contributions.  However, because retirement is likely lower than when the individual was working this is typically taxed at a lower rate.  The tax rate applied to this income is determined by the income of the recipient when the money is taken out.  For the most recent tax year, this tax rate was capped at 37%.

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What to Do If Your Tax Refund Is Delayed?

Amherst, NH Resident Needs Help

If you have not yet received your tax refund, you can track this on the IRS’s web site at https://www.irs.gov/refunds  You will need your social security number and the exact dollar amount of the refund that you are expecting.  It isn’t unusual for refunds to be delayed, particularly those that were filed closer to the tax deadline.  If there is a discrepancy on your tax return or missing documents, this will slow down your refund as the IRS works with the filer to rectify this.

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How is Crypto Taxed?

Litchfield, NH Resident Has Questions

It is important to keep in mind that profits from cryptocurrencies, including bitcoin and other digital coins, are taxed by the IRS.  Just like a stock investment, cryptocurrency profits are subject to capital gains.  This may be short-term capital gains if the crypto was owned for less than one year or long-term capital gains for investments exceeding one year.  Similarly, any losses can offset other gains and lower the total amount that you pay in taxes.

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How to Get Your Tax Refund Faster

Hudson, NH Resident Looks for Tips

There are many disruptions that can slow down your tax refund, creating a significant delay in the time that it takes to receive your money from the IRS.  Filing your tax return as son as possible will get you toward the front of the line as refunds are processed in the order that returns are received.  E-filing will reduce the time that it takes the IRS to receive and process your tax return, eliminating delays caused by the mail.

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Hollis, NH Resident Seeks Help

The American Opportunity Tax Credit (AOTC) allows a maximum $2,500 per child per year for those paying for an undergraduate tuition.  This credit can only be used for qualifying expenses that are not being paid with a 529 distribution.  The Lifetime Learning Credit offers a maximum credit of up to $2,000.  The Lifetime Learning Credit is not restricted to undergraduate study and can be used in graduate programs as well.

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What Tax Deductions Do Rental Properties Offer?

Litchfield, NH Resident Looks for Advice

A rental property can offer a steady income for the landlord.  In addition to the monthly rent, these types of properties come with many tax deductions that can save you money.  Mortgage interest, property taxes and any repairs are all tax deductible.  There are plenty of less obvious deductions including milage associated with the rental, insurance, utilities and loss of income when the rental is vacant.

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Common Tax Return Errors

Amherst, NH Resident is Careful to Avoid These Mistakes

Filing before you have all your tax documentation is a common mistake.  Without this necessary paperwork finalized, some of the numbers in your tax return may not be accurate.  The 2021 Child Tax Credit statements were mailed at the beginning of the year to families that received this money.  If the money on this statement and that reported on your tax return are not in sync, this will require a manual review by the IRS.  Math errors in your tax return can be a red flag for an audit.  It is important to make sure that your calculations and figures are correct prior to filing.

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How Can Retirement Contributions Lower Your Tax Bill?

Amherst, NH Residents Looks for Advice

Contributing a portion of your income into a tax-deferred retirement savings account, like an IRA, can reduce your total income.  This may be able to put you into a lower tax bracket, saving money while still putting aside money for retirement.  A 401(k) works much the same way, allowing contributors to defer paying income taxes on contributions.  This can make a big difference for those that are in a high tax bracket, since when the income is withdrawn you will likely be at a much lower tax bracket.

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Brookline, NH Resident Looks to Plan Ahead

Employers and financial institutions have until January 31st to send your end of year tax documents.  Knowing that this will be coming soon, it is a good idea to keep an eye out for these critical items.  This includes a W2 from employers, 1099-INT and 1099-DIV from financial institutions documenting interest and dividends earned throughout the year, Form 1098 outlining any mortgage interest paid, and additional 1099 forms for other income earned.

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(603) 429-2009

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

Regular Hours

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