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Indiana Department of Revenue

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Indiana Department of Revenue

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How to Prepare Now for Next Tax Season

April 27, 2016

En Español

It’s never too early to start planning ahead! Although the individual income tax season just ended April 18, there are a number of things you can do now and throughout 2016 to ensure you’re prepared and ready when the next tax season rolls around.

  • Review This Year’s Tax Return –If you received a big refund this tax season or owed a lot, consider updating your WH-4 with your employer. Adjusting your withholding could help you more accurately pay the correct amount in taxes throughout the year. Remember, each taxpayer should pay no more and no less than what they owe!
  • Stay Organized – Records retention is important, and keeping your important tax documents organized electronically or in a folder or other filing system is an easy way to keep your tax records in order. Save previous years’ tax returns, W-2s, and other financial documents so you can reference them next tax season.
  • Save Your Receipts – Indiana has several tax credits and deductions for which you may qualify. Plan ahead by reviewing these credits and deductions now to determine those which may pertain to you. By saving your receipts throughout the year, it will be much easier to complete your tax return next year! Remember only to claim the credits and deductions for which you qualify.
  • Protect Your Identity– Identity theft and tax refund fraud is a growing problem, but you can take steps to keep your identity safe. Store important documents and personal information in a safe, secure place and keep your personal information, such as your Social Security number and bank account information, private. It also is a good idea to check your credit report for free annually with each of the three major credit bureaus.
  • Consider Life Changes – What does this year have in store for you? Will you get married, buy a house, or have children? Major life changes can affect your filing status and the tax form you may need to file. Learn more at www.in.gov/dor/4710.htm.
  • Plan Ahead – Updated tax forms for the individual income tax season are made available online every December. Plan ahead and file early to have a simple, stress-free tax season.

The Indiana Department of Revenue website has many resources to help taxpayers before, during, and after tax season. Visit www.in.gov/dor/4703.htm to review the Individual Income Taxes section of the website.

I missed the deadline! What now?

April 20, 2016

Did you miss the April 18, 2016 individual income tax filing deadline? If so, it’s important to file as soon as possible to reduce penalty and interest.

E-File Your Tax Return

Filing your tax return electronically is the most convenient option for many taxpayers, and about two-thirds of Indiana taxpayers qualify to file for their federal and state taxes for free with Indiana freefile (INfreefile).

Even if you don’t qualify for INfreefile, electronic filing still is the best option for most taxpayers. E-filing is more accurate and secure than filing by paper. Additionally, e-filed returns are processed in about two weeks, while paper-filed returns take up to 12 weeks to process.

Pay What You Owe Online

If you owe tax, pay as much as possible to minimize penalty and interest charges. Pay tax owed online using the Indiana Department of Revenue’s secure ePay site.

If you cannot pay the full amount of tax due, you still should pay as much as possible to minimize penalty and interest charges. The department will send a bill for the remainder of the amount due, including penalty and accrued interest. After receiving the bill, you may visit www.intaxpay.in.gov to see if you qualify for a payment plan. To qualify, you must owe more than $100 and pay at least 20 percent down.

Extension of Time to File

Remember, if you filed for an extension of time to file, you must file your individual income tax return and pay any remaining tax owed by November 14, 2016.

Contact Us for Help

If you need assistance or have questions about your tax return or tax bill, you may contact the department at 317-232-2240, visit one of our 12 district offices, or send us a message on Facebook or Twitter.

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