Tag: tax penalty

What Are the Tax Benefits of Marriage?

Written by Paul Belfiore on May 14, 2021. Posted in Blog, Taxes.

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.

Are Home Improvement Projects Tax Deductible?

Written by Paul Belfiore on February 26, 2021. Posted in Blog, Taxes.

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.

What to Do If You are Missing Tax Paperwork

Written by Paul Belfiore on February 12, 2021. Posted in Blog, Taxes.

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.

Will You Incur a Penalty if You Miss the Tax Filing Deadline?

Written by Paul Belfiore on November 13, 2020. Posted in Blog, Taxes.

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.