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14438: NC - Minimum Franchise Tax Per the NC S Corporation Instructions: "The franchise tax rate is $200 for the first one million dollars ($1,000,000) of the corporation's tax base and $1.50 per $1,000 of its tax base that exceeds one million dollars ($1,000,000).
Filing Requirements Chart for Tax Year 2022 Filing StatusA Return is Required if Federal Gross Income ExceedsSingle$12,750Married - Filing Joint Return$25,500Married - Filing Separate ReturnIf spouse does not claim itemized deductions$12,7504 more rows
No matter what kind of business entity you have, including a corporation, you'll need to provide the following documentation: Estimated tax payment receipts. Year-end balance sheet and profit & loss statement. Year-end business bank account and investment account statements.
A domestic corporation (including a Subchapter S corporation) must file an income tax return whether it has taxable income or not, unless it's exempt from filing under section 501.
Every corporation doing business in North Carolina and every inactive corporation chartered or domesticated here must file an annual franchise and income tax return using the name reflected on the corporate charter if incorporated in this State, or on the certificate of authority if incorporated outside this State.
Upon request of the Secretary, an exempt corporation must establish its claim for exemption in writing: (1) A charitable, religious, fraternal, benevolent, scientific, or educational corporation not operated for profit. (2) An insurance company subject to tax under Article 8B of this Chapter.
Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Four states?Alaska, Illinois, Minnesota, and New Jersey?levy top marginal corporate income tax.
For taxpayers filing using paper forms: If you expect a refund, be sure to mail your return to the North Carolina Department of Revenue, PO Box R, Raleigh, NC 27634-0001. If you owe taxes, mail your return and payment to the North Carolina Department of Revenue , PO Box 25000, Raleigh, NC 27640-0640.