April Fool
March 16, 2015 - by
A TAPster alerts us to another potential April surprise for taxpayers:
Republicans in the legislature left a little bag of stink on the doorsteps of millions of self-employed North Carolinians who’ll step in it when they calculate their state taxes in the next month.
The Repubs proudly boast of reducing state tax rates. They are unlikely to boast about their elimination of the exemption for the first $50,000 earned by a self-employed person.
Surprise! In the eyes of our friends at the Department of Revenue, it’s like you got a $50,000 raise that you have to pay taxes on.
Except you didn’t get a raise. And your state tax bill is going up dramatically.
It stinks to fool people like this.
Posted in General
April Fool
March 16, 2015/
A TAPster alerts us to another potential April surprise for taxpayers:
Republicans in the legislature left a little bag of stink on the doorsteps of millions of self-employed North Carolinians who’ll step in it when they calculate their state taxes in the next month.
The Repubs proudly boast of reducing state tax rates. They are unlikely to boast about their elimination of the exemption for the first $50,000 earned by a self-employed person.
Surprise! In the eyes of our friends at the Department of Revenue, it’s like you got a $50,000 raise that you have to pay taxes on.
Except you didn’t get a raise. And your state tax bill is going up dramatically.
It stinks to fool people like this.
Posted in General