Tag: taxes

What are Some Tax Credits for Employers?

Written by Paul Belfiore on September 29, 2022. Posted in Taxes.

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.

Can Business Meals Be Used as a Tax Deduction?

Written by Paul Belfiore on August 26, 2022. Posted in Blog, Taxes.

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.

Can Office Supplies Purchased Be Deducted from Your Taxes?

Written by Paul Belfiore on July 1, 2022. Posted in Blog, Taxes.

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.

What to Do If Your Tax Refund Is Delayed?

Written by Paul Belfiore on May 27, 2022. Posted in Blog, Taxes.

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.

How is Crypto Taxed?

Written by Paul Belfiore on May 13, 2022. Posted in Blog, Taxes.

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.

What Tax Deductions Do Rental Properties Offer?

Written by Paul Belfiore on April 1, 2022. Posted in Blog, Taxes.

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.

Common Tax Return Errors

Written by Paul Belfiore on March 18, 2022. Posted in Blog, Taxes.

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.

How Will Living and Working in Different States Affect Your Taxes?

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

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.

Are COVID-19 Tests and PPE Tax Deductible?

Written by Paul Belfiore on October 29, 2021. Posted in Blog, Taxes.

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.

What are the Tax Advantages of Real Estate Investing?

Written by Paul Belfiore on October 15, 2021. Posted in Blog, Taxes.

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.