Everything You Need to Know About Taxes in North and South Carolina
Business taxes can be complex, but this guide simplifies what you need to know as a business owner in North or South Carolina. From federal to state-level taxes, here’s how to navigate the system.
Federal vs. State Taxes: Key Differences
- Federal Taxes: These include income tax, self-employment tax, and payroll taxes.
- State Taxes: North and South Carolina have separate income tax rates. Both states require businesses to file state corporate income taxes.
What Can You Deduct as a Business Owner? Here’s a list of common deductions:
- Office supplies
- Business meals
- Travel expenses
- Insurance premiums (liability, property, health, etc.)
How Business Insurance Impacts Your Taxes
- Business insurance expenses are fully deductible as operational costs.
- Offering health insurance to employees may qualify you for the Small Business Health Care Tax Credit.
Conclusion: By understanding the tax laws in your state, you can make better financial decisions for your business. Don’t forget to keep detailed records and consult a tax advisor for guidance.