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My wife works from home in New Hampshire getting paid as a contract employee (1099). Does she need to fill out a new hampshire state return?
So I didn't think we'd have to go through an NH state return, but the option was there so I clicked on it and now it's saying she needs to fill out a business tax summary and the little deduction thing on the left of the Turbo tax for just added a large sum of money owed to new Hampshire.
What's the deal with that?
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June 6, 2019
4:15 AM
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Get your taxes done using TurboTax
New Hampshire does not have an individual income tax on wage/salary earnings from work. It taxes only dividend and interest income above certain thresholds.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
June 6, 2019
4:15 AM
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Get your taxes done using TurboTax
Thanks TomD8. Why is it asking for a business tax summary?
June 6, 2019
4:15 AM
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Get your taxes done using TurboTax
That's because NH does have a Business Enterprise Tax and a Business Profits Tax. You can find the details here: <a rel="nofollow" target="_blank" href="https://www.revenue.nh.gov/assistance/tax-overview.htm">https://www.revenue.nh.gov/assistance/tax-ov...>
And a further explanation here: <a rel="nofollow" target="_blank" href="https://www.nolo.com/legal-encyclopedia/new-hampshire-state-business-income-tax.html">https://www.no...>
Non-wage LLCs and self-employed may be subject to the NH Business Enterprise Tax (BET) and/or the Business Profits Tax with sufficient business revenue and/or profits, respectively.
And a further explanation here: <a rel="nofollow" target="_blank" href="https://www.nolo.com/legal-encyclopedia/new-hampshire-state-business-income-tax.html">https://www.no...>
Non-wage LLCs and self-employed may be subject to the NH Business Enterprise Tax (BET) and/or the Business Profits Tax with sufficient business revenue and/or profits, respectively.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
June 6, 2019
4:15 AM