Tag: late taxes

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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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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What to Do if You Can’t Pay Your Tax Bill

Hudson, NH Resident Has Concerns

If you cannot pay your tax bill when it is due, the outstanding amount owed will begin to accrue interest and penalties.  If time goes on without any payment to the IRS, they may put liens on your property or garnish your wages.  In extreme cases of tax evasion, violators may be subjected to jail time. 

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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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What Are the Tax Benefits of Marriage?

Litchfield, NH Newlyweds Wonder About Their Taxes

Once married, you and your spouse can file taxes jointly, which has a number of tax benefits.  If either one of you makes significantly less income, this can lower your tax bracket and reduce your tax rate.  Combining incomes will bring the partner in the higher tax bracket to a lower level, reducing the couple’s overall tax bill.  There are also more deductions available to married couples filing jointly, including a higher threshold for charitable contributions and residency gain.

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Are Home Improvement Projects Tax Deductible?

Bedford, NH Homeowner Has Questions

Homes that are used solely for personal use cannot have the cost of home improvement projects deducted.  However, if down the road you sell your home for a profit the money paid for home deductions can be deducted from this profit.  This ends up being less of a profit that will be taxed when the home is sold.  If part of the home is used for business and this area is affected by the renovations, you can deduct 100% of this cost.

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What to Do If You are Missing Tax Paperwork

Amherst, NH Resident Worries

While employers and institutions have a deadline for sending out tax paperwork, there are plenty of reasons it may fail to get into your hands.  Whether lost in the mail, misplaced or some other event, the best step is to contact the issuer of the document.  They may be able to send a duplicate copy right away.  If you are still not having any luck getting the missing document, you can call the IRS.  Providing information to the IRS about the document in question will make sure that you are covered when you go to file your taxes.

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Nashua, NH Resident Has Concerns

A 501(c)(3) organization is one that is recognized by the federal law as a non-profit.  These organizations are recognized by the IRS as being tax-exempt with primary activities being of a charitable nature.  To be able to deduct charitable contributions on your taxes, organizations much fall under section 501(c)(3).  This is also a good way to affirm whether the organization is indeed a charity.

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Goffstown, NH Resident Has Questions

Not filing your taxes on time could result in a failure-to-file penalty.  This penalty is 5% of the unpaid taxes for each month that the tax return is late, up to five months.  Continuing to ignore your taxes could result in the IRS taking action in the form of a federal tax lien on your property, seizing your property and even filing charges for tax evasion.

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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