North Carolina Taxes

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North Carolina LLC Taxes

Quick Start Guide
This Quick Start Guide is a brief overview of how to form an LLC in North Carolina.

Detailed Lessons:

5. Tax ID Number (EIN)
6. Annual Report
7. Taxes ← you are here

 

North Carolina LLC Costs:
North Carolina LLC filing fee: $125 (one-time fee)
North Carolina LLC annual report fee: $200 per year

Need to save time?
Hire a professional to form your LLC in North Carolina:
Northwest ($39 + state fee) or LegalZoom ($149 + state fee)

(check out Northwest vs LegalZoom)

Depending on your type of business, you will likely need to register your LLC with the North Carolina Department of Revenue.

You will also need to file annual state income tax as well as other tax documents depending on the structure of your business and whether or not you have employees.

Calculating your tax obligations in North Carolina – (especially if you have employees) – can be complicated and if done improperly can negatively impact your LLC.

Hire a Professional

Taxes can be challenging and we recommend you get help from a tax professional once your LLC is formed.

Hiring a tax professional will not only help you keep your LLC in compliance with the State, but will also give you an advisor to go to for other business questions.

Whether you realize a profit or lose money, you will still need to file tax documents every year.

This is not something to be taken lightly. If you want to run a serious business and not run into trouble with the State, you should get assistance in filing your taxes properly.

How to Find a CPA/Accountant

A referral from a friend or someone else you trust is usually the best way to find someone to do your tax return.

You can also ask co-workers, acquaintances from local clubs or organizations you belong to, your neighbors, and other business people.

You could also ask your Twitter, Facebook, LinkedIn or other social media friends and maybe find a trusted name from a friend of a friend.

It’s as easy as typing into your social media account, “Hey – anyone know of a good accountant? I just formed a new LLC!”

If you can’t get a personal referral, then try doing a search for “accountant” or “certified public accountant” on Yelp.
www.yelp.com

Look for Compatibility

You should want someone who’s a good fit for your company, makes you feel comfortable, and is willing to answer all of your questions.

It should be someone you like personally as well as professionally.

It’s ok to take your time to find the right person.

We recommend talking with 2-3 people before making a final decision.

Resources

North Carolina Department of Revenue
Phone: 877-252-3052
Website: http://www.dornc.com/

Permits and Licensing
The Business Link North Carolina division helps new businesses figure out what licenses and permits they may need. Sometimes they can help you get through the process too. You can contact them here:

Phone: 1-800-228-8443
Website: https://edpnc.com/start-or-grow-a-business/start-a-business/

Matt Horwitz
Founder & Educator, LLC University®
Forming an LLC shouldn't be so complicated. Our step-by-step guide will make the process a breeze – and no complex legal jargon! LLC University® teaches people how to form an LLC for free in all 50 states. We hope you find our free guides and resources helpful in your business journey.
Disclaimer: Nothing on this page shall be interpreted as legal or tax advice. Rules and regulations vary by location. They also change over time and are specific to your situation. Furthermore, this comment section is provided so people can share their thoughts and experience. Please consult a licensed professional if you have legal or tax questions.

10 Comments

  1. Amy November 8, 2017

    You didn’t answer the question as to what taxes and LLC must pay. You simply said to hire somebody to answer this question. I’m trying to see if the person I hired is doing it right, and this lesson is no help at all.

    reply
    • Matt Horwitz November 8, 2017

      Hi Amy, sorry to let you down with this lesson. Honestly, our tax information is our “weakest” content. Taxes vary tremendously from business to business so there isn’t one single answer (or a few) to address everyone. Apologies for not being as helpful as we could. I recommend trying our “knights of the roundtable” strategy and calling a few accountants to double-check on what’s being done. But if you feel something like this already, there’s a good chance your intuition is picking up on something. If you see any specific areas we can improve, please let us know. We’re all for making our information as best as it can be. Thanks for your comment.

      reply
  2. Kathy November 14, 2017

    Taxes are the tricky piece to owning a business in any state. We found it best to take a trip to our local NC Department of Revenue to find out what we need to know.

    We’ve found your lessons as a wealth of information. We have now realized that we can do this on our own.

    reply
    • Matt Horwitz November 15, 2017

      Hey Kathy, going to the local NC Department of Revenue is an excellent idea! We’ve decided to add that as a helpful tip in our guides going forward, so thank you :) And I’m so happy to hear the lessons were helpful and you were able to do get your North Carolina LLC started on your own. Best wishes!

      reply
  3. Tejas November 15, 2017

    Except Taxing ( which I understand is huge topic ) , all other videos are awesome. Keep up the great work. Do you have anything related to documentation on import business ?

    reply
    • Matt Horwitz November 16, 2017

      Thanks for the kind words Tejas! Yes, taxes are so wide, varied, and complicated, so apologies our tax information is not the greatest (yet). We will work on improving it and making it better with time. No, we don’t have any information on import/export businesses.

      reply
  4. angela February 19, 2018

    is an annual report for 4/15/18 necessary if you create the LLC IN 3/2018

    reply
    • Matt Horwitz February 21, 2018

      Hi Angela, no. Your first Annual Report will be due the year following the year of formation… so your first Annual Report will be due in 2019. Hope that helps.

      reply
  5. Pam Knowles June 13, 2018

    The lessons are awesome, friendly, easy to follower and more. I didn’t realize it would be so easy to do this without consulting with an attorney. And, you save viewers so much. You rock!!!!

    reply
    • Matt Horwitz June 18, 2018

      Hey Pam! Thanks for the awesome comment! You’re very welcome :)

      reply

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