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Earlier this month, the North Carolina General Assembly enacted tax legislation that impacts individuals and businesses. Two key changes of particular interest are:
• Personal Income Tax: Standard deduction for individuals increased. For taxpayers filing a joint return, legislators increased the standard deduction over two years by $2,000 ($1,000 in 2016 and $1,000 in 2017).
• Sales Tax: Revisions to sales taxation regarding repair, maintenance and installation (RMI) services. We strongly advise you consult your tax advisor for advice on the potential impact of these changes if your business provides these services.
Find the full tax legislation summary here.
– Kathy R. Burns, CPA, PFS, Burns & Bynum CPA PA