For business owners in the White Mountains and across the Granite State, New Hampshire’s tax environment offers unique advantages—but also significant "hidden" complexities. While New Hampshire has no general state income tax, it imposes specific business taxes that require careful navigation.
At Brenda J. McGivern, P.C., we are a Certified WOSB (Woman-Owned Small Business) and SBA Woman-Owned Business. Our team provides high-level accounting and tax services for small businesses in Campton and throughout Grafton County. With the federal landscape shifting under the 2026 One Big Beautiful Bill Act (OBBBA), understanding how these federal updates interact with New Hampshire’s "static" tax code is vital for your bottom line.
A major highlight for business owners this year is the Federal restoration of 100% Bonus Depreciation through the OBBBA Act. This allows you to deduct the full cost of eligible property, like equipment, vehicles, and computers, in the first year.
However, a critical distinction for our Campton clients is that New Hampshire does not conform to Federal bonus depreciation rules. While you get the 100% break on your Federal return, your tax preparation must include an add-back for New Hampshire business taxes. We also utilize Section 179 Expensing to help you write off machinery, technology, and improvements. While the Federal limit for Section 179 has increased to $2.5 million, New Hampshire caps this deduction at $500,000, making professional tax preparation essential to avoid errors.
Since New Hampshire has no personal income tax on wages, your state-level focus shifts. You are still responsible for Federal Estimated Tax Payments for 2026, which cover your income and self-employment taxes. These are generally due in April, June, September, and January.
At the state level, if your business's gross income exceeds 109,000 dollars, you must file a Business Profits Tax (BPT) return at a rate of 7.5 percent. Additionally, if your gross receipts exceed 298,000 dollars, you may owe the Business Enterprise Tax (BET). For taxable periods ending on or after December 31, 2026, the BET rate has been reduced to 0.50 percent. We help you calculate these quarterly to ensure you are not hit with underpayment penalties or a cash flow crisis at year's end.
The Permanent 20% QBI Deduction, also known as Section 199A, is a cornerstone of federal tax planning for pass-through entities like LLCs and Sole Proprietorships. It allows you to deduct up to 20 percent of your qualified business income from your federal taxes.
While this does not impact your NH state filing, it is the single most effective way to lower your Federal tax bill. As your CPA, we analyze your specific business structure to ensure you meet the wage and property requirements necessary to claim the maximum deduction. This is a primary focus of our accounting services for small businesses in the Campton area.
Accurate bookkeeping is the only way to prove your deductions if the IRS or the NH Department of Revenue Administration requests a review.
Small Business Accounting Checklist:
If you have multiple income streams or receive various 1099-NEC forms, you must report this on your Federal Self-Employment Tax Schedule. This covers your Social Security and Medicare obligations.
A unique NH factor to consider is that if your total gross business income from all side hustles exceeds the 109,000 dollar threshold, you are required to file a New Hampshire BPT return even if you are a solo freelancer. We help you aggregate these income streams to determine if you have triggered a filing requirement for state business taxes.
New Hampshire offers a friendly environment for entrepreneurs, but the lack of a personal income tax does not mean your taxes are simple. Between federal self-employment requirements and NH-specific business taxes, the guidance of an experienced accountant is essential.
At Brenda J. McGivern, P.C., we provide the personal, expert tax service that Campton business owners need to thrive. We handle the technicalities of tax preparation so you can focus on growing your business in the Granite State.
Ready to simplify your Small Business Tax Preparation? Contact us today to schedule your 2026 strategy session.