Corporate taxes. If electing to form an LLC as a corporation, the LLC will pay taxes on all profits generated before they are distributed to shareholders, at which point they will be taxed again at the shareholders’ personal income levels. In North Carolina, the corporate tax rate is 5% of...
Pay When You File If you’re filing your taxes online, you’ll be told how much you owe at the end of the filing process. And in almost every case, the filing software that you use will allow you to set up an automatic withdrawal to cover your tax shortage at the same time. These...
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1. Name your North Carolina LLC First, choose a name for your limited liability company.Of course, you can’t just pick any name you want. It has to be unique within the state of North Carolina. It also has to follow the naming guidelines for the state. ...
Debtors are eligible to file for Chapter 7 bankruptcy if they pass the North Carolina bankruptcy means test. This test compares an individual's income with the median of a comparable household in the state. Generally, those with a yearly income that is less than the median North Carolina incom...
You can track your tax refund most easily if you filed a tax return electronically, but it is still possible if you mailed in your return. You can use the IRS "Where's My Refund" tool, call the IRS, or use the TurboTax Where's My Refund tracking guide to
How much money will you need to retire? When clients ask Dan Tobias, CEO and certified financial planner at Passport Wealth Management in the Charlotte, North Carolina area, how much they’ll need to retire, he’s quick to redirect the question by asking what retirement looks like for them...
You can find more details by visiting each state’s website. Consider automatically setting aside sales tax in the future Tax time is stressful enough without having to worry about whether you set aside enough cash to pay taxes. To help save funds for tax filing time, you can set aside ...
Sales tax is a type of indirect tax. Indirect taxes apply to the sales of goods or services paid for by the customer to a business, which in turn has to pay the tax collected to the state or other local tax authority. This is why sales tax is often referred to as a “pass-through...
Holding stocks for more than a year before you sell them can lower the amount of capital gains taxes you’ll have to pay on the profits you realize from any sale. One advantage of having a 401(k) is that you generally don’t have to pay income tax on your contributions in the year...