Tax law changes – and ways to keep informed
Aug. 26, 2013 – TaxTalk Blog
Doesn’t it seem like every year you hear about new laws that may have an impact on you? You want to be able to plan ahead, but with all the changes, it’s a challenge keeping it all straight. Right?
Well, we’ve got the solution to this problem. The best source for new state tax law information is on our website at www.in.gov/dor/index.htm.
First, check out the Notices right in the middle of our home page. Many of the most current updates are posted there. For example, if you visit our site right now – I mean right this very minute – you’ll find that Lake County has imposed a local option income tax (county tax) this year, and you’ll find some FAQs if you have any questions about it.
We recommend checking this area once a week or so just to keep on top of any changes that may have an impact on you and/or your business. Better yet, consider the Subscribe for e-mail updates service available on several pages of our website. Just click it to get started. You can select those topics you want to receive updates on. You can even schedule how frequently updates are delivered to you – daily, weekly or monthly. That way, you’ll be notified whenever a new post is made.
But, if you really want to dig into all the state tax laws that were passed this year, get yourself a strong cup of joe and check out the 2013 Synopsis of Legislation Affecting the Indiana Department of Revenue. Here you’ll find a summary of the 2013 changes/updates by both topic and tax type (such as individual income tax, sales tax, withholding tax, etc.).
However, if you just want some of the highlights, check out the list below.
Several add-backs that affect adjusted gross income have gone away. For example, beginning with the 2013 tax year, you will no longer be required to add back the educator expense or the employer-provided educational expenses.
Tax Rate Reduction
For tax years 2015 and 2016, the individual income tax rate will be reduced from 3.4% to 3.3%, and for 2017 and thereafter, the rate will be reduced to 3.23%.
County councils now have an option to modify the county tax rates up to two times a year, instead of having up to three opportunities to do so. This should result in fewer rate changes and streamline the process.
Remember, these are just a few of the new tax law changes that could affect you and/or your business. So, keep our website in your Favorites for important notices that can help keep you up to date.
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