North Carolina 2015 Tax Changes

The following tax changes impact only those individuals and businesses filing state taxes with the State of North Carolina for 2015.

  • Tax Rate – 2015 and 2016 Individual Tax rate is 5.75% (down from 5.8% in 2014). Set to be 5.499% as of 2017.
  • Withholding Rates – extra 0.1% withholding above tax rate. 2016 is 5.85%, 2017 and beyond is 5.599%.

The only Itemized Deductions permitted in North Carolina are:

  • Charitable Contributions
  • Up to $20,000 of RE Taxes and Qualified Residence Interest
  • Medical Expenses (new for 2015)

2015 Standard Deductions

  • Married Filing Joint – 2015 – $15,000; 2016 – $15,500
  • Head of Household – 2015 – $12,000; 2016 – $12,400
  • Single and Married Filing Separate – 2015 – $7,500; 2016 – $7,750

NOTE – If itemizing for Federal, you don’t have to itemize for North Carolina.

For questions about filing for personal or business taxes in North Carolina, please contact David Kaplan at (336) 346-7696.

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