NC-4 state tax form

JamesShort · **Posted:** Mon Dec 09, 2013 3:39 pm

Are you talking about the personal and/or dependent exemptions? Those deductions are going away. But one the NC-4, the term is 'allowances' which are just integers that correspond to some witholding per unit income earned in a given pay period. They can't mess with a persons ability to claim different allowances based on their particular tax situation.

Andrew Jonell · **Joined:** Mon Mar 23, 2009 6:43 pm **Posts:** 1350

JamesShort wrote:

When you have a house (mortgage/property taxes), contribute heavily to pre-tax retirement (in addition to the post-tax options) and buy/sell securities periodically, then the default allowances never work

.

Whoa, look at Uncle Moneybags here not currently in the Educational Debtor's Prison.

JamesShort · **Posted:** Mon Dec 09, 2013 4:00 pm

Andrew Jonell wrote:

JamesShort wrote:

When you have a house (mortgage/property taxes), contribute heavily to pre-tax retirement (in addition to the post-tax options) and buy/sell securities periodically, then the default allowances never work

.

Whoa, look at Uncle Moneybags here not currently in the Educational Debtor's Prison.

I pay $1200 in college loan payments every month

. Don't get me started on the student loan interest deduction, the forums might burn down.

steve remchak · **Posted:** Mon Dec 09, 2013 4:15 pm

Also going away is the small business deduction. So much for stimulating growth.

Jeremy Ellison · **Joined:** Fri May 13, 2011 5:01 pm **Posts:** 186

steve remchak wrote:

Also going away is the small business deduction. So much for stimulating growth.

Was this new in 2012? I guess it's time to call the accountant

steve remchak · **Posted:** Mon Dec 09, 2013 6:49 pm

Jeremy Ellison wrote:

steve remchak wrote:

Also going away is the small business deduction. So much for stimulating growth.

Was this new in 2012? I guess it's time to call the accountant

No, S corp first $50k of income was exempt.

RobLupella · **Posted:** Mon Dec 09, 2013 8:09 pm

steve remchak wrote:

Jeremy Ellison wrote:

steve remchak wrote:

Also going away is the small business deduction. So much for stimulating growth.

Was this new in 2012? I guess it's time to call the accountant

No, S corp first $50k of income was exempt.

Steve, you must not have contributed to the Governor's campaign enough to exempt you from paying taxes. You needed to give him a $50K bribe....er....campaign contribution to keep your $50K tax exemption.

steve remchak · **Posted:** Mon Dec 09, 2013 8:29 pm

You're still short Rob.

The law has an attempt by the state not to double tax small businesses. I pay federal taxes on that $50k. There used to be advantages to be self employed but apparently the Republicans have decided to change their stand as the party of small businesses. I suppose if we were one of those 250 employee small businesses it might be different.

JamesMilko · **Posted:** Mon Dec 09, 2013 10:35 pm

Was there ever a party of small business?

RobLupella · **Posted:** Tue Dec 10, 2013 1:42 pm

steve remchak wrote:

You're still short Rob.

The law has an attempt by the state not to double tax small businesses. I pay federal taxes on that $50k. There used to be advantages to be self employed but apparently the Republicans have decided to change their stand as the party of small businesses. I suppose if we were one of those 250 employee small businesses it might be different.

I was being sarcastic

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NC-4 state tax form

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