Bend over when you get ready to file N C tax

Zach's Grandpa

Old Mossy Horns
Holy I don't know what. Unbelievable 2014 compared to years past, I have never owed additional N C tax in my life until this year. Thanks Gov and the rest of you crooks in Raleigh.

There is a new reason at the top of my list to move back to Tennessee where there is no state income tax.
 

GSOHunter

Twelve Pointer
Contributor
Did you change your exemptions to 0 like they said to do? Didn't they cut the rate for last year?
 

Zach's Grandpa

Old Mossy Horns
Did you change your exemptions to 0 like they said to do? Didn't they cut the rate for last year?

Wouldn't matter. It's not the amount deducted it's the taxes owed on basically the same income. There is a bait and switch being used whereas they are allowing some Fed deductions not previously allowed but also not allowing almost all of the deductions previously allowed on the D-400. Screwed is the proper term to be used here.
 

Eric Revo

Old Mossy Horns
Contributor
Seems it's not only state taxes...Forsyth county has sent out a notice that they are "examining" previous tax records for anything that may be considered personal property that may not have been filed in previous years. The came around a few months ago taking pictures of my home and property, and a few months later we received this note stating that they were "re-evaluating" our taxes. They've tried this a few years back and I had to appeal their insane evaluation of my property values and personal property taxes.
I just can't hardly wait to see what the state has to offer now...
 

roundball

Old Mossy Horns
Contributor
I just don't even watch the news much any more...hadn't heard anything about income tax changes / increases for this year.
 

sky hawk

Old Mossy Horns
Contributor
RALEIGH North Carolina state leaders say major tax changes taking effect in 2014 will simplify returns, create jobs and keep more money in people’s wallets.

They’ve emphasized the new lower flat rate of 5.8 percent for personal income tax – compared to the outgoing three-tiered system of 6, 7 and almost 7.8 percent – and noted more than 40 credits, exemptions and deductions ultimately will expire or be repealed.

Read more here: http://www.charlotteobserver.com/20...nges-start-in.html#.VMJvlEv_ieg#storylink=cpy


That's what they said last year...
 
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Harpoon

Guest
...................... Thanks obama.......................

Taxpayers have to pay for all these new people on disability now too...which has been called "the new white welfare".

Up side is I hear through the grapevine many of certain dubious ailments may be "reviewed" very soon. May get even worse if a new Admin comes into office.

Repubs are steaming over this....and rightly so.

If people can play all day, they can work....

Reported now that 9,000,000 on disability in America....many were "rubber stamped" I heard during these last two terms, for whatever reasons.


.
 
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FireStalker

Twelve Pointer
For tax years 2012 and 2013, NC exempted 1099's of under $50,000 in order to encourage small business. Now that is over for 2014, so we're back to paying full taxes on 1099 earnings. So compared to the previous 2 years, this year is going to hurt.
 

woodmoose

Administrator
Staff member
Contributor
Holy I don't know what. Unbelievable 2014 compared to years past, I have never owed additional N C tax in my life until this year. Thanks Gov and the rest of you crooks in Raleigh.

There is a new reason at the top of my list to move back to Tennessee where there is no state income tax.

almost scared to do mine this year,,,,,,,wonder how long that would last,,,,,,,
 

Mr.Gadget

Old Mossy Horns
Holy I don't know what. Unbelievable 2014 compared to years past, I have never owed additional N C tax in my life until this year. Thanks Gov and the rest of you crooks in Raleigh.

There is a new reason at the top of my list to move back to Tennessee where there is no state income tax.
Good bye....
let us know when you hit the state line....
 

ABolt

Twelve Pointer
Contributor
There is a new reason at the top of my list to move back to Tennessee where there is no state income tax.

Tennessee, like other states without state income taxes, cannot operate without the same income as other states - they just get the income from other sources, such as PROPERTY taxes. So if you are not paying a state income tax, you are simply paying higher taxes on other items to make up the difference. Believe me, they still get their share...

I find that for the money, NC offers me and my family a good cost of living, job opportunities, climate, schools, and recreational opportunities. Do I wish that taxes were lower and more of them were spent on the things I support? Sure, and if we could just figure out how to handle the lottery $ like Georgia (ie. Hope scholarships), and allow all hunting on Sunday, we would really have it going on :)
 

Zach's Grandpa

Old Mossy Horns
Tennessee, like other states without state income taxes, cannot operate without the same income as other states - they just get the income from other sources, such as PROPERTY taxes. So if you are not paying a state income tax, you are simply paying higher taxes on other items to make up the difference. Believe me, they still get their share...

I find that for the money, NC offers me and my family a good cost of living, job opportunities, climate, schools, and recreational opportunities. Do I wish that taxes were lower and more of them were spent on the things I support? Sure, and if we could just figure out how to handle the lottery $ like Georgia (ie. Hope scholarships), and allow all hunting on Sunday, we would really have it going on :)

I have a smaller house here than I did in Tn, which was in metro Nashville compared to Caswell Co, and my property taxes are higher here. In addition to that I pay vehicle tax, personal property tax, and one of the highest fuel taxes in the nation here. Gas is always ten to twelve cents a gallon cheaper in Va and Tn than in N C. Sales tax here is 3/4 of a percent lower than the county I lived in in Tn.

I've lived in several states, born and raised right here in N C, but the truth is that this is not a cheap place to live anymore. When we moved back here almost eight years ago I could not believe that it cost me over $1000.00 just to get our two vehicles tagged.
 

Firefly

Old Mossy Horns
Twelve years ago when the Wife and I moved back to NC big mistake by the way it cost us well over 600 bucks to tag our 3 vehicles. I was born and raised here as well but today I would not move back to NC ...Everything is tax here, a bunch of money hungry thugs running this outfit IMO...If not for our age and real estate not worth anything anymore we would move too...
 

dpc

Old Mossy Horns
Contributor
I always claim 0 in hopes to avoid any tax liability at end of year. I Will be interested to see how it pans out this year.

I am still miffed as to how you recieve a refund but have to claim it as income the following year. I swear there is a document somewhere covering double taxation.
 

nc rabbit hunter

Guest
I just figured my hourly pay after deductions, I'd be better off on welfare!! I've been working in the pouring rain and sick at that all morning!
 

MJ74

Old Mossy Horns
NC is not cheap anymore, granted its still cheaper then other places.
I wait to do my taxes every year.
Its a shame that you work and pay in a large amount of taxes and yet you still have to pay at the end of the year, yet if I barely work and had a few kids I could get back a wad.
 

roundball

Old Mossy Horns
Contributor
Just wait until you retire, the kids are grown and gone, home paid for, no itemized deductions left at all.
Tax instructions become real simple then:
1) How much did you make ?
2) Send it in !
 

Firedog

Old Mossy Horns
Contributor
I have to pay additional at the end of almost every year. I set it up that way on purpose. Abolt is right if you do the real math of all the taxes you pay I bet it will be pretty close.. not talking what you owe at the end of the year, but all taxes.

That said, NC is now in the 10 of population in the US (9th I believe, and growing quickly). As such, like it or not, that brings with it the need for a lot more infrastructure etc and also means more big cities and problems associated with them, on the lower income side of the scale, add to that inflation caused by high income growth in the technological and banking centers and our constitutional requirement for a balanced budget and additional federal "Programs" and this is what you get.

Republicans have been in charge for a couple of years now.. I think they have made some real improvements but are far from fixing all the crap they were left with. No NC is not a cheap place to live. I for one hope more people realize that and either leave or do not come to start with. I may well be one of them one of these days.. far to many people in this state for my taste. Taxes will not be the reason I leave (they are tiny compared to the federal side which will follow you regardless) but I understand if they are for some..
 

GrizzlyBear

Old Mossy Horns
Just wait until you retire, the kids are grown and gone, home paid for, no itemized deductions left at all.
Tax instructions become real simple then:
1) How much did you make ?
2) Send it in !

A good reason not to pay off your house early is to have deductions when you're retired
 

woodmoose

Administrator
Staff member
Contributor
A good reason not to pay off your house early is to have deductions when you're retired

false economy in my opinion,,,,,,,pay more in interest than you save on real taxes,,,,,,

retirement is abou managing all apsects of income to manage costs - to include taxes - only withdraw what you need, and if you have a paid off house you don't need the income to pay for it and thus don't pay taxes on income you don't need,,,,,,

if it's a government income (state or federal retirement) you don't (or at least didn't up to this year - haven't checked that yet) pay state taxes on it,,,,,,,,if your withdrawing from a retirement account, manage that withdrawal to minimize tax implications,,,,,,,

and if it's SO dang much that you are forced to take,,,,then give it to a good charity,,,,,

but having a house payment for the tax benefits is false economy, ,,,,,,,,,,,,

but then I'm not a tax lawyer,,,,,,,
 

hunter

Eight Pointer
Contributor
ZG - Good Post. It got me thinking about the withholding changes last year and I decided to go ahead and take a look at our taxes early this year. Good thing too because we will likely have to pay federal and NC taxes this year for the first time ever. Usually we get a pretty good chunk of federal back and a small amount of NC. We were already thinking about spending the refund! Guess not! :(

Looked at last year's return and it is pretty obvious that the withholding is to blame. Basically we got a little extra each month rather than getting it back as refunds. Downside is some folks likely won't be able to make the big payment as they were not expecting it and likely spent the money as it came in. What torques me is that the withholding changes may cause us to have to pay penalties on top of the taxes! I think the philosophy behind the withholding changes is the politicians hate the payments going out before the end of their fiscal year and now will be getting checks in instead to "save the day!" on deficits. Also to get more money being spent into the economy sooner. I know a lot of folks that are making plans for their normal refund. I sure hope they check the numbers first and don't get a nasty surprise like the wife and I did!

Hunter
 
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GrizzlyBear

Old Mossy Horns
false economy in my opinion,,,,,,,pay more in interest than you save on real taxes,,,,,,

retirement is abou managing all apsects of income to manage costs - to include taxes - only withdraw what you need, and if you have a paid off house you don't need the income to pay for it and thus don't pay taxes on income you don't need,,,,,,

if it's a government income (state or federal retirement) you don't (or at least didn't up to this year - haven't checked that yet) pay state taxes on it,,,,,,,,if your withdrawing from a retirement account, manage that withdrawal to minimize tax implications,,,,,,,

and if it's SO dang much that you are forced to take,,,,then give it to a good charity,,,,,

but having a house payment for the tax benefits is false economy, ,,,,,,,,,,,,

but then I'm not a tax lawyer,,,,,,,

You might be right I have that run the numbers myself. One consideration is the opportunity cost of the money that you used to pay off the house early versus the return on investing that money. But, like you I am not on economist
 

VikingsFan8178

Guest
Are you saying that when my employer told us to change the NC State Tax exemptions (and I did), that that is now going to screw me when I file?
 
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