Tag: File Income Tax

How to Prepare Your Taxes for an Income Increase

How to Prepare Your Taxes for an Income Increase

Milford, NH Resident Expects a Big Bonus

Any significant changes to your annual income can push you to the next tax bracket.  This means that the additional money received may be taxed at a higher rate.  The good news is that the original income that you were anticipating throughout the year will not be taxed at a higher rate.  The federal tax system in the United States is progressive, which means as your income increases only these additional portions that exceed the limits of a current tax bracket are taxed at a higher rate.

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Amherst, NH Residents Asks for Help

For each month that your estimated tax payment is due, but not paid, the IRS charges a 0.5% penalty.  As the months go by, this penalty percentage will increase to a maximum of 25% of the taxes owed.  Quarterly estimated tax payments are due April 15th, June 15th, September 15th, and January 15th of the following year.  When the date falls on a weekend, the payment is due the following weekday.  A missed payment is seen by the IRS as an underpayment and is treated as such.

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How to File a Tax Amendment

How to File a Tax Amendment Brookline, NH

Brookline, NH Residents Needs Help

To file a tax amendment, you will need to submit new forms for the sections of your taxes that are being amended.  The IRS’ web site allows you to download these forms from previous tax years.  You will need to submit the 1040X form, also available on the IRS web site.  Using this form, you can write in the reason for filing the amendment.

A Brookline resident needed to make an amendment to a previous year’s tax return.  Wanting to make sure this was done properly, he contacted Merrimack Tax Associates.

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Single vs. Head of Household

Single vs. Head of Household

Amherst, NH Resident Has Questions

Unmarried individuals have the option of either single or head of household as their tax status.  When filing as head of household, you have a much higher standard deduction than single filers, as well as a better overall tax rate.  To qualify as head of household you must be unmarried, pay greater than half the costs of supporting a household and have at least one dependent that lives with you.

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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. 

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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: 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