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Depending on the type of business, there are a variety of taxes a business in New Hampshire to be aware of with the two of the most common being business taxes and self-employment tax.

NEW HAMPSHIRE BUSINESS PROFITS TAX

Any for-profit business in New Hampshire is subject to the Business Profits Tax (BPT).  Businesses with $50,000 or less of gross business income from all their activities are not required to file a return.  The rate of the BPT is 8.2% of gross receipts.

More information about the Business Profits Tax is available at the New Hampshire Department of Revenue Administration.

BUSINESS ENTERPRISES TAX

Businesses with more than $200,000 of gross receipts from all their activities, or an enterprise value tax base more than $100,000, are required to file a Business Enterprises Tax (BET) return.  The BET rate is .72%.

More information about the Business Enterprises Tax is available at the New Hampshire Department of Revenue Administration.

NEW HAMPSHIRE SELF-EMPLOYMENT TAXES

Self-employed business owners (sole proprietors, partnerships or LLC’s that elect to be taxed as a sole proprietorship or partnership) are required to pay income taxes, Social Security, and Medicare based on the profits generated by the business. Profits are determined before you draw compensation from the business (i.e. your draw or wages are not considered an expense of the business.) Once your liability for federal income tax and self-employment FICA exceeds $500, you will need to deposit the tax payments to the IRS (whether this happens in any one quarter or combination of quarters.)

More information and filing information is at the IRS website and New Hampshire Department of Revenue Administration.

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