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Tag: tax breaks

Hudson, NH Homeowner Looks for Advice

The interest paid on a mortgage is tax-deductible.  When you pay off your mortgage, you will no longer be paying interest and will lose this tax deduction. This will make your taxes go up as a result of eliminating this mortgage interest deduction.  Similarly, as you continue to pay your mortgage down over the years the amount of interest paid annually, and the tax deduction that goes along with it, will be reduced.

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What Are the CARES Tax Breaks for Businesses?

Amherst, NH Business Owner Seeks Advice

There are several tax breaks for businesses under the CARES (Coronavirus Aid, Relief and Economic Security) Act.  Charitable contributions are adjusted from a maximum 10% of the company’s taxable income, to 25% of cash donations.  Payment on the employer share of Social Security tax on payroll can be deferred until the end of the year and a tax credit is available of up to $5,000 per employee.  The cap on a business loss has also been suspended.

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