New Hanover County Tax Records: What You Need To Know In 2023
Tax season is here in 2023 and it is important for citizens of New Hanover County to understand their tax records. This article will explain what tax records are and how to file them, as well as what the taxes are used for in New Hanover County.
What are Tax Records?
Tax records are documents that list the income and expenses of a particular taxpayer. This includes income from wages, investments, and other sources, as well as deductions for taxes, charitable donations, and other expenses. Tax records are essential for keeping track of a taxpayer’s financial activity and are used to calculate the amount of taxes owed to the government.
How to File Tax Records
In New Hanover County, taxpayers can file their tax records electronically or with paper forms. Electronic filing is the most efficient way to submit tax records, as it requires less time and paperwork. Taxpayers can access the forms online or at the New Hanover County Tax Department. Paper forms must be mailed in and typically take longer to process.
How are Tax Records Used?
Tax records are used to calculate the amount of taxes owed by each taxpayer. The amount of taxes owed is based on the total income earned, deductions taken, and any credits or exemptions the taxpayer is eligible for. The taxes collected are used by the government to pay for public services, such as roads, schools, and public safety, as well as to fund research and development.
What are the Tax Rates in New Hanover County?
The tax rate in New Hanover County is 6.75 percent. This rate applies to income earned from wages, investments, and other sources. It does not include deductions for taxes, charitable donations, and other expenses. The county also has a separate sales tax rate of 5.75 percent.
What are the Filing Deadlines in New Hanover County?
Taxpayers in New Hanover County must file their tax records by April 15th of each year. This applies to both electronic and paper filing. If a taxpayer is unable to file by the deadline, they can submit an extension form to the Tax Department. This will allow the taxpayer to file their taxes up to six months after the deadline.
Are There Any Tax Breaks in New Hanover County?
Yes, there are several tax breaks available to taxpayers in New Hanover County. These include deductions for mortgage interest, charitable donations, and state and local taxes. There are also credits available for college tuition and retirement savings. The Tax Department can provide more information about which deductions and credits are available.
Where Can I Find More Information About Tax Records in New Hanover County?
The Tax Department in New Hanover County offers a variety of resources to help taxpayers understand their tax records. These include online tutorials, tax seminars, and one-on-one consultations with a tax specialist. Taxpayers can also find more information on the department’s website.
Conclusion
Tax records are an essential part of managing finances in New Hanover County. It is important for taxpayers to understand the filing process and the taxes they owe. By understanding their tax records, taxpayers can ensure they are paying their fair share and taking advantage of any tax breaks they are eligible for.