Frequently Asked Questions


For your convenience, We have compiled a list of questions often asked by new clients. If your questions are not answered here or you need further information, then please contact us via e-mail or via phone at 603.382.8867 and we’ll be happy to help you. We look forward to hearing from you soon.


January 15-April 15
Monday – Friday

April 16-December 31
Monday – Thursday



General Questions

 Why doesn’t P&M sell insurance and retirement plans?

It’s about being the best. We’re accountants, not insurance salespeople or fund brokers. We’re experts at what we do and that’s managing taxes and strategic business consulting.

To us, dabbling in other facets of your finances would be a conflict of interest. Our primary goal is to assure the financial growth of your business.

What if I need insurance or financial planning? Can P&M refer me?

Absolutely! We have established a wide network of qualified professionals that we can recommend for your other business needs such as insurance and retirement plans.

What services does P&M provide?

We provide assurance and accounting, tax compliance and consulting, and strategic and business consulting services to a wide variety of clients in New Hampshire, Massachusetts and the New England region.

I have a new mailing address. How do I let the IRS know my new mailing address?

You can use Form 8822 to notify the IRS if you changed your home or business mailing address or your business location.

What is Medicare Advantage Part C and what does it cost?


What is Medicare Part A (hospital insurance) and what does it cost?

What is Medicare Part B (medical insurance) and what does it cost?

What is Medicare Prescription Drug Coverage Part D and what does it cost?

How much does P&M charge to prepare and file my taxes?

Our fees are based on the complexity of your tax return. Complex tax returns take longer to prepare, so fees are higher. Please contact us for a free initial individual (1040) consultation.

Should I update my IRA or Pension or Life Insurance Beneficiary?

Make sure you update IRA and Pension and Life Insurance beneficiary forms. If you don’t your spouse and family may wind up with nothing.

Should I hold on to an old U.S. Savings Bond?

Find out what the bond is worth and if it is still earning interest by using the free online savings bond calculator on the Bureau of Public Debt’s Web site:

Go to the site and click on the savings bonds option, and click below on the savings bond calculator, under “What Are Bonds Worth.” Then click on “Get Started.” Type in your bond’s series, denomination, serial number and issue date to determine the current value. The savings bond calculator also will alert to when interest on the bond will be paid next and the date the bond reaches final maturity, meaning when the bond has accrued all possible interest.

If your bond has reached its final maturity date, then you should redeem it at your local financial institution. If your bond is still earning interest, then you may want to hold on to the bond until it reaches final maturity.

Year-End Tax Tips..

Can I benefit by postponing any of my income until January?

Yes, if you’re due a sizable receivable or bonus at year end, try to postpone until January of the following year. For cash-basis business, wait until the last two/three weeks of the year to send your December invoices. Constructive receipt rule requires cash and checks received to be counted as sales in the year funds are available.

New for 2009: Tax rates may rise in 2009 this strategy is recommended only after a careful review of you financial situation.

How does bunching itemized deductions and/or payments benefit me?

By bunching payments in the current year, you may qualify for itemizing deductions over the standard deduction. It may benefit you to use the standard deduction every other year, and then bunch your payments again the following year. This allows you to itemize every other year. Examples: Paying your state income tax estimate before December 31 and pay real-estate and property/vehicle taxes early, make an extra mortgage payment (the interest portion is deductible), or elective medical or dental work (completed) before the end of the year.

How can reviewing income and deductions save taxes?

If your income is high, deferring receipt of more income at the end of the year can save taxes. If you’re close to the line on itemizing deductions, accelerating payment of deductible expenses may save taxes.

What is the deadline for opening an IRA to make a deductible contribution for the prior year?

If you qualify, you have until April 15 to open an IRA and make a deductible contribution for the prior year.

How can I benefit by giving cash donations for a current deduction?

If you give appreciated property to charity, you’ll get to deduct the full market value.

Should I contribute to my company’s 401(k)?

Yes, if you have a 401(k) plan at work, make as large a contribution as you’re allowed to make

How can I offset capital gains?

Review your investment portfolio to determine whether you should sell some losers before year-end in order to offset capital gains you’ve already realized. Capital losses are first netted with capital gains and then are deductible against ordinary income (limited to $3,000 a year).

I own a business, and I need to purchase new equipment. Should I purchase it now or wait until January?

It is strongly suggested that you set up an appointment with us to discuss your options. Pappalardo and Merrill can be reached for appointments at 603-893-8002.

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