Tax Tips For Surviving The Slow Economy

April 2009

Tax Tips For Surviving The Slow Economy

Whether you’ve lost your job, or revenue is down at your business, or your income has been reduced by a furlough, the current recession is affecting people in many different ways. 

Understanding your tax obligations can help you avoid tax troubles in these turbulent times.  It can also help you save money and avoid penalties and interest at a time when every dollar counts.

This section of our website offers tips and insights on your state taxes that can help you survive the slowdown.

Individuals

Tax Tips If You’ve Lost Your Job: this announcement provides tips for people who have been laid off or lost their jobs to help them save money and avoid penalties and interest on their taxes.

Avoid Fraudulent Tax Preparers: a tax preparer who sounds too good to be true probably is. Fraudulent tax preparers have cost North Carolinians millions of dollars in additional state taxes over the last few years. Find out how to avoid them.

Business Owners

Don’t Use Sales And Withholding Taxes For Business Purposes: this announcement helps you understand the consequences of using sales and withholding taxes that you collect for business or personal expenses.

Pay Off Old Tax Debts Through Voluntary Disclosure: if you qualify, voluntary disclosure allows you to pay overlooked taxes without the usual penalties and fees.

Understanding State Taxes

Taxpayer Education: the N.C. Department of Revenue offers a number of ways to help you understand state taxes. You can visit one of our service centers…explore our website…even attend a tax seminar across the state.

Understanding Federal Taxes

Internal Revenue Service: the IRS website offers information that may help you save money on your federal taxes, including the earned income tax credit, special tax deductions and more.