Tag: taxes

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

Can Business Meals Be Used as a Tax Deduction?

Amherst, NH Business Owner Has Questions

In 2018 the Tax Cuts and Jobs Act eliminated the ability for businesses to deduct entertainment and recreation expenses.  However, the Business Meal Tax Deduction was not eliminated with this change.  To qualify for this deduction the meal expense may not be lavish or extravagant, as subjectively determined.  The taxpayer or an employee of the taxpayer must be present at the meal and the food and drink must be provided to a business associate.

Continue reading

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.

Continue reading

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.

Continue reading

How is Crypto Taxed?

Litchfield, NH Resident Has Questions

It is important to keep in mind that profits from cryptocurrencies, including bitcoin and other digital coins, are taxed by the IRS.  Just like a stock investment, cryptocurrency profits are subject to capital gains.  This may be short-term capital gains if the crypto was owned for less than one year or long-term capital gains for investments exceeding one year.  Similarly, any losses can offset other gains and lower the total amount that you pay in taxes.

Continue reading

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.

Continue reading

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.

Continue reading

Hollis, NH Residents Wonders How New Job Will Affect Her Tax Filing

Living and working in different states can pose an interesting challenge when filing taxes.  In most cases you will need to file multiple tax returns, a resident tax return for that state that you live in and a non-resident return for the state where you work.  Filing two separate tax returns does not mean that you will have to pay two separate tax bills.  On your resident state tax return you will report your tax liability from your non-resident tax return.  All states allow filers to claim a tax credit based on taxes paid to other states.

Continue reading

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.

Continue reading

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.

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