Bend over when you get ready to file N C tax

MadRasputin

Guest
Just a heads up, I found out about this a couple days ago. When they passed the new gas tax bill on March 31, they changed several provisions of the tax code that are retroactive back to 2014.

Some of the changes include you can no longer deduct PMI insurance as part of your interest paid, qualified tuition and related expenses that are deductible federally are no longer allowed in NC, along with some section 179 and depreciation changes.

These changes are retroactive, and if you have already filed and these affect you then you are required to file an amendment and pay any due taxes by the normal due date (4/15) or face late fee penalties and interest charges.

http://www.dor.state.nc.us/taxes/impactofcodeupdate040115.pdf
 

Mr.Gadget

Old Mossy Horns
Some of the changes include you can no longer deduct PMI insurance
]

If you are paying PMI and worried about it as a deduction you may have bigger problems.

There is 100 ways around not paying it in the first place.
The easiest is to put money down.
 

Homebrewale

Old Mossy Horns
You would know by comparing what you paid last year v. what you paid this year (total taxes paid). Not by the amount of any return. I compared mine and paid a little less than last year over all. Last year I received a small return, this year I owed a small amount. Still paid less taxes this year.

That may work for someone whose income changed very little but it wouldn't work with me due to change in income. To get a good comparison (but not exact), one should take last year's tax form and enter this years numbers. Then compare the tax owed using last year's form with this year's form.
 

woodmoose

Administrator
Staff member
Contributor
That may work for someone whose income changed very little but it wouldn't work with me due to change in income. To get a good comparison (but not exact), one should take last year's tax form and enter this years numbers. Then compare the tax owed using last year's form with this year's form.

or just figure it as a percentage of income,,,,last year was XX% and this year is YY%,,,,,,,no need to refigure all of it,,,,,,,,because the baseline is what % of income is taken not the dollar amount
 

MJ74

Old Mossy Horns
I waited until Monday to file.....I was happy to see I only had to pay $77 bucks to state.
Of course I got burnt up on my Federal.
 
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Sportsman

Old Mossy Horns
Check is in the mail here. Hurts to think about amount of money in we paid in taxes over the last year, and still owe. Unbelievable. Make more money, take more money.
 

BarSinister

Old Mossy Horns
That may work for someone whose income changed very little but it wouldn't work with me due to change in income. To get a good comparison (but not exact), one should take last year's tax form and enter this years numbers. Then compare the tax owed using last year's form with this year's form.

True, I would think with a flat tax the more you earn the more $ you pay.
 

Jlewis74

Old Mossy Horns
If you are paying PMI and worried about it as a deduction you may have bigger problems.

There is 100 ways around not paying it in the first place.
The easiest is to put money down.

Or join the NC State Employees CU and finance it there, they dont charge PMI
 

Greg

Old Mossy Horns
Regardless of how much one pays, IMHO, the tax code is FAR TOO COMPLEX. Deductions, credits, whatever ... are all designed to encourage people to do what "the government" WANTS them to do and punish them for not doing what what the scoundrels in government want them to do.
 

onthefly

Guest
First Time ever owing State taxes for me too, I got hammered State and Federal
 

FireStalker

Twelve Pointer
I did something wrong this year... and am getting money BACK from the state! It usually works out that I don't let them borrow much and I just have to pay a few bucks. I'll have to make sure I don't let them borrow my money interest free again this next year.
 
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