NC Tax Law Changes - 2014

Friday, December 05, 2014 2:37 PM | NCSA Website Manager (Administrator)
The NC Department of Revenue issued a 1 page "summary" of tax law changes. Here are some of the item:

Tax rates for individuals are 5.8% and businesses 6%.

The standard deductions are $7,500 single and separate, $15,000 joint and widow(er), and $12,000 head of household.

Itemized deductions are limited to charitable contributions and the limited amount of up to $20,000 for mortgage interest on a qualified residence and real estate property tax.

The child tax credit for children under age 17 may increase for some taxpayers.

Personal exemptions, credit for child and dependent care, and earned income credits are gone.

The $50,000 deduction of net business income is gone.

For retirees, the deductions for retirement benefits received from vested NC State, local, and federal governments pursuant to the Bailey settlement still is available
as is the deduction for taxable Social Security Benefits.

The deductions for other government retirement income (up to $4,000) and private retirement income (up to $2,000) no longer are available.

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