Recent New Hampshire tax changes to the Interest Dividends tax causes many LLC’s to close down the
Many New Hampshire small business LLC’s are needlessly closing down their LLC’s in response to the recent tax changes by the State of New Hampshire that says that distributions from  LLC’s are subject to the 5% Interest/ Dividends tax. Substantial press has been given by the media covering the changes made to taxation of LLC’s in New Hampshire,  according to the

Tips for starting a new business in New Hampshire
If you recently lost your job or have always dreamed about being your own boss, you may be contemplating a new business venture.  Naturally, this is a risky proposition, especially during these turbulent times. Here are some practical suggestions to help you succeed. Be realistic. Don’t expect your business to be immediately successful. In fact, you should be prepared

2009 Tax Planning: Consider accelerating your income
Oftentimes  people  only look at the short term, not paying taxes THIS year.  However, there is no question that income tax rates remain at their lowest levels in many years, and we have a new administration that’s going to look for ways to change that. Here’s another way to look at it. Income tax rates will not get any lower than they are now. They only have one place to go, and that’

How long should New Hampshire businesses hold on to their records
“How long should I hold onto my records?” This is probably the most common question asked of me, and the answer isn’t simple. As far as taxes go, generally, the IRS has 3 years to audit you  from the day you file your tax return, 7 years if the IRS can prove you understated your taxes by 25%, and unlimited if the IRS can prove there is fraud. For lack of any other guidance, I’ll usually tell people to hold onto records for 7 years. However, if Grandma were to give you the house she lived in for the last 70 years and you sell the house, you could be asked to prove how much Grandma had paid for that house, since that’s a

When to hire a tax preparer to do your tax return
Recently, I met a woman who owned a small construction business and had used TurboTax to prepare her tax return for several years. Her 2007 tax return was identified by the IRS for audit. She had nothing to hide, so she handled the audit herself ( this is a mistake for another day!) What tripped the audit was the use of Home Office Expense, specifically in how she had entered Home Repairs, Home Insurance, and Utilities. She had entered these expenses as ‘Direct’ Expenses, meaning that  Turbotax didn’t apply the Home Office business percentage, but instead used 100%. In essence, she had deducted all of her house insurance, repairs, and utilities as bus