Tag: save on taxes

Goffstown, NH Business Owner Looks for Clarification

Only businesses classified as corporations can deduct charitable donations on their business tax return.  These contributions to charity cannot be more than 60% of the adjusted gross income.  Business owners for other types, including sole proprietorships and partnerships, can deduct charitable contributions on their own personal tax return.

Continue reading

How to Reduce Taxes from the Sale of Property

Hudson, NH Resident Looks to Lessen Future Tax Burden

Profit from the sale of a home will fall under capital gains and be taxed accordingly.  If your property has increased in value significantly since the time of purchase, you may be hit with a large and unexpected tax burden.  The difference of what was paid for the home initially and the selling price, less closing costs, real estate commissions, and other fees is considered capital gains.  If you have lived in the residence for at least two of the past five years you can exempt $250,000 and $500,000 for married couples filing jointly.  Any profit exceeding this amount can be subjected to the capital gains tax.

Continue reading

What are Some Tax Credits for Employers?

Litchfield, NH Business Owners Looks for Advice

As a small business owner there are some important tax credits that can save you money, including the Work Opportunity Tax Credit.  This credit, worth up to $9,600 per employee, is for veterans, long-term unemployed individuals who have been actively looking for work for 27 weeks or longer, and those receiving assistance from TANF (Temporary Assistance for Needy Families) or SNAP (Supplemental Nutrition Assistance Program).  Those small businesses that offer health care to employees may be eligible for the Small Business Health Care Credit, which can cover up to 50% of healthcare premiums paid by the company for employees’ healthcare.

Continue reading

Milford, NH Resident Looks for Insight

Short-term capital gains come from selling capital assets that have been owned for less than one year.  The tax rate for this money is equal to your ordinary tax rate.  Long-term capital gains are typically taxed lower than short-term.  In 2020 this tax rate was either 0%, 15% or 20%, depending on your annual income.  Selling stock, land or a business that has been in your possession for less than a year will significantly increase the amount of taxes you pay on these gains.

Continue reading

Are Child Care Expenses Tax-Deductible?

If your annual income is $15,000 or higher, you can take advantage of the childcare expenses tax credit.  This tax break allows you to deduct up to $3,000 in childcare expenses.  This can include daycare, babysitter fees and even summer camp.  For two or more dependents this deduction totals $6,000.

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: 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