Monadnock Tax Services

01/23/2025

Mileage is an important business deduction, but accurate records are critical. The MileIQ app continues to be an excellent choice for business owners, and well worth it.

Empower your team with MileIQ – the ultimate mileage tracking app. Seamless, efficient, and designed for collaboration. Drive smarter together.

01/23/2025

The IRS has a growing number of easy to use interactive tools to help you answer common tax questions. Great resource!

The IRS Interactive Tax Assistant (ITA) online tool helps you find answers to tax law questions

10/15/2024

Medicare Open Enrollment starts today Oct 15th and runs through December 7th. Review the Annual Notice of Change" (ANOC) you should have received in September. Doctors still in network? Prescriptions still covered? Premiums, copays, or deductibles changing?

The official U.S. government website for Medicare, a health insurance program for people age 65 or older and younger people with disabilities.

10/01/2024

04/12/2024

If you owe taxes, file your return on time or file an extension! Failure to file penalties are MUCH higher than failure to pay! Even if you can't pay all or some of your tax, don't miss the deadline to file.

02/08/2024

The VITA program at The River Center in Peterborough NH provides free tax preparation to hundreds of low and moderate income individuals and families.

Look at the friendly faces of a few of our volunteer tax preparers! All smiles on Saturday morning, but little did they know what awaited the program just a couple of hours later: the dreaded downed WiFi!

Thanks to our single scheduler, Lisa, she was able to reschedule everyone affected by this technological crisis that Monday.

Sometimes it’s quiet in our program, but there is never a dull moment. The volunteers take it all in stride like the pros that they are! 👏🏻👏🏻👏🏻

02/04/2024

Who is required to file a tax return? To start, any taxpayer with gross income higher than the standard deduction. See chart below. Others could include: individuals with self employment earnings over $400, certain dependents with income, taxpayers who can claim the earned income credit and other credits, taxpayers who had taxes withheld and are due a refund. If you're not sure, contact a local tax professional.

02/01/2024

Huge news for low income families, especially those with 2 or more children. With bipartisan support, the House passed a sweeping tax bill yesterday containing major revisions to the Child Tax Credit and Additional Child Tax Credit (refundable portion) retroactive to 2023. The bill heads to the Senate next. Stay tuned.

https://www.cnn.com/2024/01/31/politics/house-vote-tax-bill-child-tax-credit/index.html

01/30/2024

Our tax clinic’s first day was on Saturday and it was a success! The software and weather behaved, a filer brought in some delicious chocolate chip and walnut cookies for the volunteers, and we were able to complete all returns except one that was missing documents. All told, in one day we helped filers save up to a total of around $4000 in tax prep fees!

01/30/2024

The launch of the new FAFSA application was already delayed by two months. Then a mistake was discovered in a key inflation formula. Fixing that will increase financial aid qualification for many students, but will further delay the process. Now colleges might not get FAFSA data until March which greatly compresses the timeline for financial aid offers and for students and families to make enrollment decisions. Not good. Read more.

The Education Department has made a big mistake with this year's FAFSA — one that could cost students financial aid they're entitled to. It's now grappling with how to implement a fix.

01/20/2024

Will you owe NH Interest and Dividends Tax in 2024? How about NH business taxes? Would you rather donate the money instead to help low and middle income families afford K-12 private schooling and homeschooling? You'll receive a state tax credit. Learn more about the New Hampshire Education Tax Credit Program.

Businesses and individuals donating to Children’s Scholarship Fund to fund scholarships for low- and middle-income K-12 children in New Hampshire can receive an 85% Education Tax Credit from the State of New Hampshire against business profits tax (BPT), business enterprise tax (BET), and interest ...

01/18/2024

Do you have side income? How do you distinguish between a business and a hobby for tax purposes? Here's a good article to review before meeting with your tax professional.

Even if you also consider your business a hobby, the IRS distinguishes between the two. Learn how the IRS defines businesses and hobbies and how it affects your taxes.