The North Carolina Department of Revenue began receiving individual income tax returns on March 1 after a weeks-long delay. The tax season began late due to the late approval of the state budget, which included various tax code amendments, according to the News & Observer. The state budget includes a reduction in the individual income tax rate, which was reduced from 5.25 percent to 4.99 percent beginning with the next fiscal year.
Here’s everything you need to know about when to file your tax returns and when you can get a refund:
WHEN CAN I EXPECT MY REFUND?
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OFFER OF CLAIM
The NCDOR announced in a news release that refunds will begin in April. On ncdor.gov, you may check the progress of your refund. For electronically filed tax returns, it can take up to eight weeks to receive a refund, while for paper forms, it can take up to 12 weeks. If a math issue is discovered on your tax return, your refund may be delayed. You completed your return using more than one form type. Your return lacks information or is incomplete. Your submission has been chosen for further examination.
HOW CAN I GET MY REFUND MORE QUICKLY?
WHEN IS THE DEADLINE FOR SUBMISSION OF MY RETURN?
Tax returns are due on April 15, however due to the Emancipation Day holiday, returns filed on or before April 18 will be considered timely. If you file your tax return after the deadline, the state may levy a late fee of 5% of your outstanding total for each month your return is late. For example, if you file your tax return two months late, you will be taxed 10% of the unpaid total. The total of your late fees cannot exceed 25% of your balance. The state may additionally levy a 10% penalty for late payments. However, if you get an extension and pay 90% of what you owe, there will be no penalty if the remaining 10% is paid before the deadline.
WHAT SHOULD YOU KNOW ABOUT FEDERAL TAX REFUNDS?
Some tax refunds have already been sent by the IRS to people who filed their returns early. If you claimed the Earned Income Tax Credit or the Additional Child Tax Credit, you should have received your refund by March 1 if you met the following criteria: You submitted your tax return online. You opted to receive your refund via direct transfer. Your return was found to be error-free by the IRS. If the IRS requires further information regarding your return, they will send you a letter. You may find out where your return is by utilising the Where’s My Refund? feature or the IRS2Go app.