The New Hampshire Department of Revenue Administration (NHDRA) is providing guidance to help simplify the tax filing process, including updates on this season’s tax filing procedures and legislative changes, along with tips to assist both individual taxpayers and tax preparers.
“Our goal is to empower individuals and business owners with the knowledge and resources they need to navigate the complexities of the tax system with ease,” said NHDRA Commissioner Lindsey Stepp in a statement. “By staying up to date about the latest changes, taxpayers can make informed decisions about their finances.”
NHDRA is highlighting the following updates to help taxpayers and tax preparers manage the 2024 tax season:
Business Profits Tax rate: Reduced to 7.5% for periods ending on or after December 31, 2023.
Interest & Dividends Tax rate: Reduced to 4% for periods ending on or after December 31, 2023.
Updates to filing thresholds for periods ending on or after Dec. 31, 2023:
The Business Profits Tax now applies if your business earns more than $103,000 in income.
The Business Enterprise Tax now applies if your business makes over $281,000 in sales or has an enterprise value tax base over $281,000.
Interest rate changes for 2024 calendar year:
The interest rate for failing to pay the full amount of tax owed by the due date has increased to 9%.
The interest rate for overpaid taxes has been decreased to 6%.
Business Profits Tax: Effective Jan. 1, 2024, businesses can deduct interest expenses when calculating taxes, without regard to the IRC §13(j) limitation, which sets restrictions on the deduction of business interest expenses for tax purposes.
Interest & Dividends tax: For periods ending on or after Dec. 31, 2024, the tax rate is lowered to 3%.
The BET Credit Worksheet and DP-160 form now have extra lines for keeping track of BET credits from the ninth taxable period.
Checkboxes on page one of the BT-Summary form have been removed for the following options: Payment Required, No Payment Required, Refund Request and Credit Next Year’s Tax Liability.
The NHDRA is also sharing a series of tax filing tips for the 2024 season:
New Hampshire taxpayers can streamline their filing process by utilizing NHDRA’s Modernized e-File (MeF) system or the Granite Tax Connect (GTC) online portal. Opting for electronic filing eliminates the need to mail a paper copy to NHDRA, thereby expediting the process.
Additionally, taxpayers filing Business Tax or Interest & Dividends Tax returns through MeF or GTC can now opt for direct deposit refunds, enabling faster and more convenient access to funds.
Taxpayers often make the mistake of using an old tax form instead of the updated one for the current year. To prevent errors, it is crucial to use the most recent forms updated annually by NHDRA. These updated versions are accessible on NHDRA’s Forms Page. Many forms and returns can also be filed online through GTC for added convenience.
Taxpayers should pay any owed tax, penalties or interest upon filing their return to avoid extra charges. The NHDRA accepts electronic payments or mailed checks with payment coupons.
Regardless of whether an extension has been requested for filing, payments are due by the deadline. GTC offers a convenient solution for scheduling automatic payments from bank accounts, allowing taxpayers to manage payments seamlessly payment histories through the portal.
Should taxpayers require assistance, resources are readily available on the NHDRA website at www.revenue.nh.gov/assistance, and the Taxpayer Services Division is ready to address any queries or concerns by phone at 603-230-5000, Monday through Friday, 8 a.m. to 4:30 p.m.
For more information on NHDRA and its services, visit www.revenue.nh.gov.
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