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New for 2012: NC business income deduction on your personal return

We would like to remind you about the NC business income deduction available for years beginning after 12.31.2011 on personal returns. The new law allows a deduction from federal adjusted gross income, as reported on the NC return, for net non-passive business income of up to $50,000. For a joint return the deduction applies to both spouses if each has eligible net business income; therefore, the combined deduction could be $100,000.

For businesses that are held equally, this means that for each owner to fully benefit the net income for the year reported on the business return would need to be $50,000 times the number of owners.

If you would like more information regarding this, please contact our office.

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