Five Things To Know About NC Tax Law Changes In New Year
Revisions to the state's tax code mean filers in 2014 could see changes to their exemptions, deductions and overall tax payments. Here are five key facts about the changes:
- When you go to the movies, sporting event or concert, starting January 1, sales tax will apply to your tickets.
- You can no longer deduct contributions to a College Savings Program. If you have a 529 plan to set aside for a child’s college tuition, you will no longer receive a tax deduction for your contribution.
- You can no longer claim a child care deduction.
- If you are retired, you will no longer be able to write off the first $2,000 of your pension.
- All taxpayers are required to fill out a withholding form before the end of the year.
Reporter John Frank covers the changes to the tax code for The News and Obsever. Read more of his reporting.
The winners and losers of the tax law are yet to be determined. -- John Frank