NEW $50,000 Tax Deduction for North Carolina Small Business Owners
FINALLY some good news for business owners in North Carolina! Starting with the 2012 tax year, many businesses will pay no tax on the first $50,000 of net business income ($100,000 for Married Filing Joint business owners)! Thanks to the recent passage of North Carolina House Bill 200 and North Carolina Senate Bill 267, many North Carolina business owners will become eligible for an up to $50,000 North Carolina income tax deduction.
What are the Qualifications for North Carolina $50,000 Tax Deduction?
The new North Carolina deduction for business owners allow a single business owner to deduct up to $50,000 of net business income included on their federal return that is not considered passive. Married business owners can deduct up to $50,000 each. Typically business owners who report income on federal Schedule C, E, and/or F are eligible for the North Carolina $50,000 tax deduction. Individuals with pass through income from partnerships or S-corporations may also be eligible. Some passive businesses, such as rental real estate, may not qualify.
How Can I Claim the $50,000 Business Income Deduction?
We expect the 2012 North Carolina tax forms with specific instructions to be released later this year. AVL Tax Professionals will keep you updated as information is provided by the NC Department of Revenue. Now is a good time to become a Facebook Fan or Twitter follower so you can be sure to get automatic updates on this deduction and other tax news.
Don’t forget, AVL Tax Professionals is open year-round to help with all your tax preparation needs and questions. Give us a call today 828.277.4177 or email This email address is being protected from spambots. You need JavaScript enabled to view it.!
For the entire NCDOR Directive visit this link http://www.dor.state.nc.us/practitioner/individual/directives/pd-12-2.pdf
Prepare
for your visit
Your Office Visit
Please call our office to schedule your appointment. It is important for you to speak with a tax professional when you drop off your information to be sure we have everything needed to prepare your returns accurately. Below are some things to keep in mind.
- Allow a few minutes for us to look over your paperwork & make copies of your ID & SSN cards, etc.
- You may complete a Client Origanizer from Forms & Worksheets before your visit.
- We will prepare your return using the information provided.
- If we need any additional information, we will contact you in order to complete the return.
- Once we complete the return, we will call and discuss the results and set up a time for you to pick up your completed return.
Prepare
for your visit
Your Office Visit
Please call our office to schedule your appointment. It is important for you to speak with a tax professional when you drop off your information to be sure we have everything needed to prepare your returns accurately. Below are some things to keep in mind.
- Allow a few minutes for us to look over your paperwork & make copies of your ID & SSN cards, etc.
- You may complete a Client Origanizer from Forms & Worksheets before your visit.
- We will prepare your return using the information provided.
- If we need any additional information, we will contact you in order to complete the return.
- Once we complete the return, we will call and discuss the results and set up a time for you to pick up your completed return.
NEW $50,000 Tax Deduction for North Carolina Small Business Owners
FINALLY some good news for business owners in North Carolina! Starting with the 2012 tax year, many businesses will pay no tax on the first $50,000 of net business income ($100,000 for Married Filing Joint business owners)! Thanks to the recent passage of North Carolina House Bill 200 and North Carolina Senate Bill 267, many North Carolina business owners will become eligible for an up to $50,000 North Carolina income tax deduction.
What are the Qualifications for North Carolina $50,000 Tax Deduction?
The new North Carolina deduction for business owners allow a single business owner to deduct up to $50,000 of net business income included on their federal return that is not considered passive. Married business owners can deduct up to $50,000 each. Typically business owners who report income on federal Schedule C, E, and/or F are eligible for the North Carolina $50,000 tax deduction. Individuals with pass through income from partnerships or S-corporations may also be eligible. Some passive businesses, such as rental real estate, may not qualify.
How Can I Claim the $50,000 Business Income Deduction?
We expect the 2012 North Carolina tax forms with specific instructions to be released later this year. AVL Tax Professionals will keep you updated as information is provided by the NC Department of Revenue. Now is a good time to become a Facebook Fan or Twitter follower so you can be sure to get automatic updates on this deduction and other tax news.
Don’t forget, AVL Tax Professionals is open year-round to help with all your tax preparation needs and questions. Give us a call today 828.277.4177 or email This email address is being protected from spambots. You need JavaScript enabled to view it.!
For the entire NCDOR Directive visit this link http://www.dor.state.nc.us/practitioner/individual/directives/pd-12-2.pdf