Individual Income Tax Forms
Form New Hampshire Individual Tax Return
Corporate Income Tax Forms
Form New Hampshire Business Tax Return
Form New Hampshire Business Profit Tax Return
Property Tax Forms
Form PA-29 Permanent Application for Property Tax Credit-Exemption
New Hampshire Tax Forms: Everything You Need to Know
When it comes to taxes, filling out the right forms can be overwhelming. But it doesn’t have to be that way. In this article, we’ll go through everything you need to know about New Hampshire tax forms, including what forms you need to fill out, deadlines, penalties, and more.
What Taxes Do You Need to Pay in New Hampshire?
The taxes you have to pay in New Hampshire depend on your personal or business situation. Here are some of the most common taxes paid by individuals and businesses in the state:
– Personal income tax: At a rate of 5%, New Hampshire has one of the lowest personal income tax rates in the country. However, it only applies to interest and dividends income over $2,400 for individuals and $4,800 for married couples filing jointly. All other types of income, such as wages, salaries, and capital gains, are not subject to state income tax.
– Business profits tax: All corporations, limited liability companies (LLCs), partnerships, and sole proprietorships are subject to the business profits tax, which is 8.5% of net business income. The tax is due on the 15th day of the fourth month following the end of the tax year.
– Meals and rooms tax: This tax applies to restaurants, hotels, motels, and other lodging facilities. The tax rate is 9%, and it’s due on the 15th day of the month following the end of the tax period.
– Real estate transfer tax: This tax is paid by the seller of a property at the rate of $0.75 per $100 of the sale price. If the property is located in a registered historic district, the rate is $1.50 per $100 of the sale price.
What Are the Most Common New Hampshire Tax Forms?
Once you know which taxes you need to pay, you can start filling out the corresponding tax forms. Here are some of the most common New Hampshire tax forms:
– NH-1040: This is the New Hampshire individual income tax return form. It’s used to report interest and dividends income over $2,400. You have to file it if you’re a New Hampshire resident, part-year resident, or nonresident who earned interest or dividends income in the state. The deadline for filing the form is April 15th.
– NH-BPT: This is the New Hampshire business profits tax return form. It’s used by all businesses subject to the business profits tax. The deadline for filing the form is also April 15th.
– ST-2: This is the New Hampshire meals and rooms tax return form. It’s used by restaurants, hotels, motels, and other lodging facilities to report their revenues subject to the meals and rooms tax. The deadline for filing the form is the 15th day of the month following the end of the tax period.
– CD-57: This is the New Hampshire real estate transfer tax form. It’s used by the seller of a property to report the sale price and calculate the real estate transfer tax owed. The form is due within 30 days of the transfer.
What Are the Penalties for Failing to File or Pay Taxes in New Hampshire?
Failing to file or pay taxes in New Hampshire can lead to penalties and interest charges. Here are some of the most common penalties you may face:
– Failure-to-file penalty: If you don’t file your tax return by the deadline, you may be subject to a penalty of 5% of the tax owed per month, up to a maximum of 25%.
– Failure-to-pay penalty: If you don’t pay your tax by the deadline, you may be subject to a penalty of 2% of the tax owed per month, up to a maximum of 24%.
– Interest charges: You’ll also have to pay interest on any unpaid tax from the due date of the return until the date of payment. The interest rate is currently 7%.
How Can You Get Help with New Hampshire Tax Forms?
Filling out tax forms can be confusing, especially if you’re not familiar with the tax laws. Fortunately, there are several resources you can use to get help:
– New Hampshire Department of Revenue Administration (DRA): The DRA is the government agency responsible for collecting and enforcing taxes in the state. They have a website with information and resources on all types of taxes, including forms, instructions, and frequently asked questions.
– Tax professionals: If you’re still unsure about how to fill out your tax forms, you can hire a tax professional, such as an accountant or a tax attorney. They can help you navigate the complexities of the tax system and make sure you’re in compliance with all the laws.
– Tax software: There are many tax software programs available that can help you prepare and file your tax forms. They usually ask you questions about your income and expenses and fill out the forms for you. However, keep in mind that you’ll still be responsible for reviewing and signing the final return.
Conclusion
Filling out New Hampshire tax forms may seem daunting at first, but once you know what forms you need to fill out and what deadlines to meet, it becomes much easier. Remember to keep track of all your expenses and income throughout the year, so you have all the information you need to fill out your tax forms accurately. If you’re still unsure about anything, don’t hesitate to seek help from the resources available. With a little effort and preparation, you can file your taxes on time and without any problems.
