Does a sole proprietorship need to file BPT or BET? (New Hampshire)

[avigo45]

I moved to NH in 2022. I have two side hustle small businesses that I run as myself/sole proprietorship that make a small amount of money every year. They are filed as schedule C. They are not LLCs or any other registered corporation. 

Am I required to file Business Profits Tax (BPT) and/or Business Enterprise Tax (BET) return?

For 2022, overall I took a loss. I don't expect to make a lot in 2023. 

It says I have to make estimated tax payments unless the annual estimated tax is less than $200 for BPT or less than $260 for BET.

Do I have to make estimated tax payments? How do I know if my tax will be less than $200/$260?

I'm coming from NC where none of this was required so I'm confused. Thanks

[Cynthiad66]

Based on your description, it appears that you are not required to file these taxes for tax year 2022.  TurboTax does not support the forms for e-file.

Every business organization with gross business income from all business activities of more than $50,000 must file a BPT return.

The Business Enterprise Tax ("BET") is assessed on taxable enterprise value tax base, which is the sum of all compensation paid or accrued, interest paid or accrued, and dividends paid by the business enterprise at the rate of .60% for taxable periods ending on or after December 31, 2019. For taxable periods ending on or after December 31, 2022, the BET rate is reduced to .55%. For taxable periods beginning on or after January 1, 2019, every business enterprise with more than $217,000 of gross receipts from all activities, or an enterprise value tax base of more than $108,000, must file a BET return. 

Use this link for more information including a phone number for questions.

NH BPT and BET

[avigo45]

Thank you very much.

So to summarize/confirm, that means that there is nothing I need to file if I make less than $50,000?

[DaveF1006]

Yes, that is correct.