Tag: tax deductions

Summer Camp and Daycare Tax-Deductible

Milford, NH Resident Seeks Answers

Summer camp and daycare is tax deductible for children under age 13 or if the child is a disabled dependent.  The tax credit may cover up to $3,000 in qualifying expenses for one child or up to $6,000 for two or more children.  This includes money paid to a daycare center, babysitter, summer camp, or other provider offering childcare.  Covered under the Child and Dependent Care Credit, this was created for working parents to offset the price for childcare.  However, parents who are full-time students and those that are unemployed and actively looking for work may also qualify for this deduction

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Rules for Claiming a Dependent on Your Tax Return

Brookline, NH Resident Seeks Advice

There are tax deductions for those that have dependents living full-time in their household, the most common of which is the Child Tax Credit and Child and Dependent Care Credit.  To qualify as a dependent, this can be a child that is under age 19 or under 24 if they are a full-time student.  If the child is permanently disabled, you can qualify for these deductions regardless of age.  Caring for aging relatives that are living in your home may also qualify for a tax deduction as a dependent if you are financially supporting them.

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Office Supplies

Milford, NH Resident Has Questions

Self-employed individuals can claim office supplies on their taxes.  This includes printer ink, paper, pens and pencils and other everyday supplies that are used for business purposes.  Individuals that work for an employer are not eligible for this type of deductions.  Instead, you should be able to seek reimbursement from your employer for out-of-pocket expenditures for office supplies.

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How to Get Your Tax Refund Faster

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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What are the Best Ways to Save on Taxes When Paying for College

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?

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

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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Are COVID-19 Tests and PPE Tax Deductible?

Are COVID-19 Tests and PPE Tax Deductible

Nashua, NH Resident Looks for Tax Savings

The IRS has stated that COVID-19 home testing kits can be considered a medical expense under the tax code.  Personal protective equipment (PPE) that is used primarily for preventing the spread of COVID-19 also falls under this tax code.  This includes masks, hand sanitizer and sanitizing wipes.  However, to be eligible for deducting these items on your taxes the total for all medical and dental expenses must exceed 7.5% of your adjusted gross income.

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Tax Advantages of Real Estate Investing

Amherst, NH Resident Considers Real Estate

When investing in real estate properties, you can deduct the money paid in property taxes, property insurance and mortgage interest on your taxes.  Money that goes to improve or repair a rental property can be deducted from your taxes as well.  This will greatly reduce the taxable income that you make from your rental property, making this a more lucrative investment.

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How Will the Child Care Deduction Affect Your Taxes?

How Will the Child Care Deduction Affect Your Taxes

Nashua, NH Resident Looks for Answers

Child tax credit payments began over the summer and will continue through the year for qualifying families.  When you go to file your 2021 taxes, you will only be eligible for half of the normal child care credit because the other half was already received throughout the second half of 2021.  Since the deduction is based off of your 2020 income, a significant increase in your income may leave you owing some of the money back to the IRS if it exceeds the thresholds set. 

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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