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Tax law in New Hampshire is unique compared to many other states in the United States. New Hampshire does not impose a general state sales tax or a broad-based personal income tax on earned wages. Instead, its taxation system focuses on other forms of tax such as the Interest and Dividends Tax, Business Profits Tax, Business Enterprise Tax, property taxes, and certain local and miscellaneous taxes. While the tax burden may seem lighter in some areas, navigating the specific tax laws of New Hampshire can still be complex, especially for individuals and businesses with multiple sources of income or property.
There are numerous situations in which someone may require legal assistance related to tax in New Hampshire. Some common reasons include:
Key aspects of New Hampshire's tax laws include:
New Hampshire does not tax earned income such as wages or salaries. However, it does impose the Interest and Dividends Tax on individuals who receive significant investment income.
The Interest and Dividends Tax is a state tax on income earned from interest and dividends over a certain annual threshold. The current rate is 4 percent for 2024, set to decrease by 1 percent annually, with a planned repeal by 2027.
Property taxes are assessed by individual municipalities based on the property's value and the local tax rate. Each town or city sets its own rate, and property owners receive tax bills accordingly.
Yes, if you believe your property has been overvalued or taxed unfairly, you can file an abatement request with your municipality and, if necessary, appeal to the Board of Tax and Land Appeals or Superior Court.
Most businesses are subject to the Business Profits Tax and the Business Enterprise Tax. The applicability and rate for each depend on the business's income and structure.
No, New Hampshire does not impose a general sales tax on goods or most services. However, there are specific taxes on meals, rooms, car rentals, and other select transactions.
Residency is based on domicile, or your true, fixed, and permanent home. Multiple factors, such as where you spend most of your time and where you maintain your home, affect residency status.
Failing to pay taxes may result in penalties, interest, liens, or collection actions against your assets. It is important to address tax issues promptly to avoid additional financial and legal problems.
New Hampshire does not have a state-level inheritance or estate tax, but federal estate tax laws may apply to larger estates. Legal advice is recommended for estate planning.
If you are notified of an audit, it is important to gather your financial documents and potentially consult with a tax lawyer or advisor to ensure your rights are protected and to help you respond effectively.
If you need more information or official guidance regarding taxes in New Hampshire, the following resources can be very helpful:
If you believe you need legal assistance regarding taxes in New Hampshire, you should start by gathering any documents related to your tax situation, such as assessment notices, tax returns, business financials, or correspondence from tax authorities. Consider consulting with a tax lawyer who is licensed to practice in New Hampshire and has experience with state and local tax laws. Many lawyers offer initial consultations to discuss your situation and outline your options. You can contact the New Hampshire Bar Association for referrals or search online for qualified attorneys. Acting quickly and seeking professional help can protect your financial interests and help you resolve tax issues efficiently.
