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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 3:39 pm 
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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.

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 3:45 pm 
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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. :P


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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 4:00 pm 
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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. :P

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.

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 4:15 pm 
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Also going away is the small business deduction. So much for stimulating growth.

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 4:46 pm 
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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 :)

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 6:49 pm 
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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.

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 8:09 pm 
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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.

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 8:29 pm 
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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.

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 Post subject: Re: NC-4 state tax form
PostPosted: Mon Dec 09, 2013 10:35 pm 
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Was there ever a party of small business?


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 Post subject: Re: NC-4 state tax form
PostPosted: Tue Dec 10, 2013 1:42 pm 
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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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