NH-1040: Proprietorship or Jointly Owned Property Business Profits Tax Return (2024)
New Hampshire · New Hampshire DRA · Used for tax years 2024
Form NH-1040 is New Hampshire’s 2024 Business Profits Tax Return for proprietors and business organizations. It reports business profits, state adjustments, deductions and credits to calculate New Hampshire Business Profits Tax.
Who files this form
NH-1040 is the Business Profits Tax Return for a proprietorship or jointly owned property business. The form states that each business organization must file a separate return.
The supplied text does not state an income threshold or other rules for deciding whether you must file.
What you'll need
The return must include complete, legible copies of the appropriate federal forms and schedules.
Depending on the income you report, these may include federal Schedules C, E, F, D, B and Schedule 1, and Forms 4835, 4797 and 6252.
Attach these additional documents when applicable:
- A schedule for other net business income on Line 1(h) and separate entity income or expenses on Line 4.
- Schedule IV for adjustments on Lines 2(c) and 2(e).
- A schedule of income or franchise taxes by state for Line 6(d).
- A computation of the research contribution deduction for Line 6(g).
- A schedule detailing multiple transactions reported under Line 6(h).
- Form DP-80, BPT Apportionment Schedule, if New Hampshire apportionment is other than 100%.
- Form DP-132 for the New Hampshire net operating loss deduction.
- The BET Credit Worksheet if claiming only the BET credit, or Form DP-160 if claiming other credits, including BET.
Common mistakes
- Combining business organizations on one return. Each business organization must file separately.
- Leaving amounts in dollars and cents. The form says to round to the nearest whole dollar.
- Omitting federal attachments or sending unreadable copies. Complete, legible copies of the appropriate federal forms and schedules must accompany the return.
- Entering negative amounts on Lines 9 or 11. Enter zero if the calculation is negative. Line 14 also cannot be less than zero.
- Forgetting to report the tax from Line 14 on BT-Summary, Line 1(b).
Questions people ask
What tax rate does the 2024 NH-1040 use?
Line 12 calculates tax by multiplying New Hampshire taxable business profits on Line 11 by 7.5%.
What if my New Hampshire apportionment is not 100%?
Complete Form DP-80, BPT Apportionment Schedule. Enter the percentage from DP-80, Line 1(c), on NH-1040, Line 8.
Where do I claim a New Hampshire net operating loss deduction?
Use Line 10 and attach Form DP-132. The form also asks for the deduction available and the amount to carry forward.
Which attachment do I need for tax credits?
For the BET credit only, use Line 13(a) and attach the BET Credit Worksheet. For other credits, including BET, use Line 13(b) and attach Form DP-160.