Income Taxes

Image of the North Carolina Legislative Building in Raleigh, North Carolina
http://commons.wikimedia.org/wiki/User:Jmturner

The state Senate has passed a proposed constitutional amendment to limit income taxes and year-by-year spending increases.

Taxes
www.irs.com

If you haven’t filed your North Carolina taxes yet, you may be in for a few surprises.  The state's tax code underwent major changes in 2013, but many 2014 tax filers are just noticing.

For example, some taxpayers forgot North Carolina did away with its Earned Income Tax Credit.

On Tax Day, The State of Things talks changes in North Carolina's tax laws.
Ken Teegarden / Flickr Creative Commons

Many North Carolinians are spending April 15 finishing up their income tax statements.

But others have already noticed a few surprises on their returns due to changes in the state tax code and subsidies from the Affordable Care Act. The revisions mean higher or lower tax bills for thousands of taxpayers.

Photo: Income taxes
Flickr user Laura Gilmore

Top North Carolina Republicans say they want to cut personal and corporate income tax rates, continuing to lower rates after a round of breaks in 2013.
 

Three powerful members of the Senate rolled out a plan this week that they say will cut personal and corporate income taxes by $1 billion dollars each year. The plan would:

Photo: Rev. William Barber (center) is the lead organizer of the Moral Monday movement.
Jorge Valencia

Hundreds of protesters gathered outside of the Legislative Building Monday afternoon. It was the beginning of what they say is a second year of rallies in response to laws passed by the state’s Republican-led legislature.

Like many of last year’s Moral Monday rallies, this one started like a party. But it wasn’t exactly a celebration. People protested new laws affecting education, Medicaid and voting.

  

While tax day can evoke feelings of anxiety and dread across the country, some North Carolina groups are using today’s deadline to start conversations about tax reform and filing issues in the state.

Earned Income Tax Credit
Community Action Partnership of Riverside County

There are just a few more weeks before tax season wraps up.  And many low to moderate income North Carolina families are being reminded this is the last tax season they can claim the state Earned Income Tax Credit or EITC.