In the most recent issue of NH Business Review Mason + Rich answers some questions affecting business tax owners this year.
Q: What are some of the new tax regulations that NH businesses will encounter this year?
Q: What are some of the new tax regulations that NH businesses will encounter this year?
A: New Hampshire has some new tax laws going into effect for 2022 taxes. First, there are higher thresholds for the NH Business Profits Tax (BPT) and Business Enterprise Tax (BET) filing requirements. The threshold for BPT is increasing from $50,000 to $92,000, and the threshold for BET is increasing to $250,000 of gross re ceipts or “enterprise value tax base.” Previously, the BET thresholds were $222,000 and $111,000, respectively. It is possible that, due to these higher thresholds, some small taxpayers may no longer need to file tax returns with the state.
Another change with the state is the calculation of Net Operating Losses (NOLs) for businesses that file tax returns in multiple states. Previously, the calculation was done in a way where the NOL would be reduced in the original year based on income allocable to New Hampshire, and then also reduced in the year the NOL was utilized. Now, the NOL will only be reduced once in the year it is generated.
Q: What are some of the not-so-recognizable deductions businesses can take to reduce their tax liability?
For more check out the full article!
Another change with the state is the calculation of Net Operating Losses (NOLs) for businesses that file tax returns in multiple states. Previously, the calculation was done in a way where the NOL would be reduced in the original year based on income allocable to New Hampshire, and then also reduced in the year the NOL was utilized. Now, the NOL will only be reduced once in the year it is generated.
Q: What are some of the not-so-recognizable deductions businesses can take to reduce their tax liability?
For more check out the full article!