"Hi Sandra - thanks! I appreciate the compliment. Looking forward to meeting you someday!
Greg"
$50,000 Tax Free for North Carolina Small Business Owners!
Have Outstanding Invoices at Year-End? Don’t Accept Payments Until Next Year!
That’s right! If you can afford to hold off until the beginning of 2012 you may have additional North Carolina tax savings if you are a cash-basis taxpayer. Why you ask? Our North Carolina legislators were feeling particularly generous to North Carolina small business owners. As such, effective January 1, 2012, there is a $50,000 deduction of net business income for taxpayers with non-passive income. So in other words, you may be exempt from North Carolina income tax on your first $50,000 of net business income.
More is to come on how to claim this credit in the New Year. In the meantime, you may want to learn about 2011 federal tax law changes for individuals on the Simply Taxes, LLC website.
The information contained within this article is for general guidance only. As such, it should not be used as a substitute for consulting with professional accounting, tax, legal or other competent advisers.
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Comment by Janice, Productivity Strategist on December 23, 2011 at 10:39am -
Thanks for this info, Lauren. I look forward to finding out more at the beginning of 2012.
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