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North Carolina Tax Forms

North Carolina Tax Forms

Individual Income Tax Forms

Form D-400 Individual Income Tax Return

Form D-400TC Individual Income Tax Return

Corporate Income Tax Forms

Form CD-405 C Corporation Tax Return 

Form CD-401S S Corporation Tax Return

Sales Tax Forms

Exemption Form

Sales and Use Tax E-Filing Services

Property Tax Forms

Form AV-12 Application for Business Property Tax Exemption

Form AV-10 Property Tax Exemption or Exclusion

Form AV-9 Application for Property Tax Relief


North Carolina Tax Forms: Your Ultimate Guide to Filing Your Taxes

As the old saying goes, “”the only things certain in life are death and taxes.”” And when it comes to taxes, the first step in the process is filling out your tax forms. In this article, we’ll be taking an in-depth look at North Carolina tax forms, providing you with everything you need to know in order to successfully file your taxes.

In this Article:

1. North Carolina State Taxes Overview
2. Filing Status
3. Types of Tax Forms
4. Income Tax Brackets
5. Deductions
6. Credits
7. Frequently Asked Questions

North Carolina State Taxes Overview

North Carolina residents are required to pay state income tax on their earnings. The rate ranges between 5.25% and 5.499% depending on your income bracket, making it one of the lowest state tax rates in the country. North Carolina also has a sales tax, which is 4.75% as of 2021. Counties can also add their own sales tax, which can range between 1.25%-2.75%. Property taxes in North Carolina are also assessed by counties, with rates varying widely depending on the location.

Filing Status

Before filing your tax return, you need to determine your filing status. There are four filing statuses:

– Single: This is for taxpayers who are unmarried, divorced, or legally separated as of the last day of the year.

– Married Filing Jointly: If you are married at the end of the tax year, you can file a joint tax return with your spouse. This status is usually more beneficial in terms of tax savings.

– Married Filing Separately: This status is reserved for married couples who wish to file separate tax returns.

– Head of Household: If you meet certain criteria, such as being unmarried or having a dependent living with you, you can file as head of household, which often has more favorable tax rates than filing as a single filer.

Types of Tax Forms

North Carolina taxpayers have several tax forms to choose from, depending on their situation. The main tax forms include:

– Form D-400: This is the standard tax form that most people use, which includes space for reporting income, deductions, and credits.

– Form D-400 TC: If you claim any tax credits, this form is used to calculate them.

– Form D-400 Schedule S: If you have more than $3,000 in non-wage income, this form is used to report it.

– Form D-400 Schedule PN: If you have pass-through income from a partnership or S corporation, this form is used to report it.

– Form D-400 Schedule NR: If you are a non-resident of North Carolina but have earned income from within the state, this form is used to report it.

Income Tax Brackets

Income tax brackets in North Carolina are calculated based on taxable income. Here are the 2021 rates:

– 5.25% on the first $17,725 of taxable income
– 5.499% on taxable income between $17,726 and $71,000
– 5.999% on taxable income over $71,000

It’s important to note that these rates can change from year to year, so it’s always a good idea to double-check the latest rates before filing your taxes.

Deductions

Deductions can help lower your taxable income, resulting in a smaller tax bill. North Carolina offers a standard deduction as well as several itemized deductions. For the 2021 tax year, the standard deduction amounts are:

– $10,750 for single filers
– $21,500 for married filing jointly
– $10,750 for married filing separately
– $15,500 for head of household

Some of the most common itemized deductions include:

– Mortgage interest
– State and local taxes
– Charitable contributions
– Medical and dental expenses
– Investment interest expenses

Credits

Tax credits can help reduce the amount of tax you owe, or even provide a refund. North Carolina offers several tax credits, including:

– Child and Dependent Care Credit: This credit provides a percentage of expenses paid for child or dependent care.

– Earned Income Tax Credit: This credit is for low-income taxpayers who have earned income from wages, self-employment, or farming.

– Education and Training Credit: This credit offers up to $96 per year for taxpayers with qualifying education expenses or who have taken certain courses.

– Renewable Energy Tax Credits: North Carolina offers several tax credits for taxpayers who install renewable energy equipment, such as solar panels or wind turbines.

Frequently Asked Questions

Q: When is the deadline for filing my North Carolina taxes?

A: The deadline for filing your North Carolina taxes is April 15th, unless that falls on a weekend or holiday, in which case it is extended to the next business day.

Q: What do I do if I can’t file my taxes by the deadline?

A: If you can’t file your taxes by the deadline, you can request an extension by filing Form D-410 with the North Carolina Department of Revenue. You will still need to pay any taxes owed by the original deadline to avoid penalties and interest.

Q: What happens if I make a mistake on my tax return?

A: If you make a mistake on your tax return, you can file an amended return using Form D-400X. You have three years from the original due date or two years from the date you paid the tax (whichever is later) to file an amended return.

Conclusion

Filing your North Carolina taxes may seem overwhelming, but with the right information and resources, it can be a straightforward process. Be sure to read the instructions carefully, choose the appropriate forms, and take advantage of deductions and credits to reduce your tax bill. With a little bit of effort, you can successfully file your taxes and enjoy the peace of mind that comes with being in good standing with the state of North Carolina.