Tax laws are constantly evolving. Below you can find the most recent tax law change that will affect individual taxpayers in North Carolina:
The North Carolina 2016 Appropriations Act (H1030) was signed into law by the governor on July 14, 2016. While the majority of the Act is the state budget for the year there was one provision included that may affect your 2016 and 2017 individual tax returns. The standard deduction amounts for 2016 and 2017 were increased by $1,000 for married individuals filing joint returns, $500 for single individuals and married individuals filling separate returns, and $800 for individuals filing as head of household. So, if the standard deduction of $16,500 for married joint, $13,200 for head of household, or $8,250 for single and married separate is more than your itemized deductions consisting of medical expenses, real estate taxes, mortgage interest and charitable contributions in 2016 your tax may be reduced.
If you have questions, contact the LBA Haynes Strand team today for a no-cost consultation!