Recent changes to the N.C. tax code stand to impact many small business owners, according to the North Carolina Association of Certified Public Accountants.
An article by Observer reporter Eric Frazier this Sunday outlined the new changes.
Beginning in 2012, small business owners who filed their business income with their personal income could deduct the first $50,000 in business income from their taxes.
Beginning Jan. 1, 2014, they'll no longer get that deduction.
Here's how the deduction worked: A small business owner who made $100,000 in business income in 2012 was only taxed on $50,000 of that total in North Carolina. (The federal government would still tax the income at the full $100,000.)
At the 7.75 percent tax rate, the deduction saved the small business owner about $3,700.
An article by Observer reporter Eric Frazier this Sunday outlined the new changes.
Beginning in 2012, small business owners who filed their business income with their personal income could deduct the first $50,000 in business income from their taxes.
Beginning Jan. 1, 2014, they'll no longer get that deduction.
Here's how the deduction worked: A small business owner who made $100,000 in business income in 2012 was only taxed on $50,000 of that total in North Carolina. (The federal government would still tax the income at the full $100,000.)
At the 7.75 percent tax rate, the deduction saved the small business owner about $3,700.
Are you a small business owner who will be affected? Let me know your thoughts: cmcmillan@charlotteobserver.com; 704-358-6045.
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16 comments:
Another way that small/startup businesses are impacted in NC is that they have also eliminated (starting Jan 1, 2014) the Qualified Business Venture credit. This credit provided investors, of approved businesses, a 25% NC tax credit based upon the amount they invested.
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