Tax Law Changes – And Ways to Keep Informed
April 28, 2014 – 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. We recommend checking this area once a week or so just to keep on top of any changes or updates 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. You can select those topics you want to receive updates on. That way, you’ll be notified whenever a new post is made.
But, if you really want to dig into the state tax laws that were passed this year, get yourself a strong cup of joe and check out the 2014 Synopsis of Legislation Affecting the Indiana Department of Revenue. Here you’ll find a summary of the 2014 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.
Cigarette taxes; tobacco product taxes; alcoholic beverage taxes
Beginning July 1, 2014, all cigarette, tobacco, and alcoholic beverage reports and taxes required to be paid to the department must be done so electronically.
Tax rate phase-down for corporations, financial institutions
Corporations – rate phases down from 6.5 percent in FY 2016 to 4.9 percent by June 30, 2021.
Financial institutions – rate phases down from 6.5 percent in FY 2019 to 4.9 percent by Dec. 31, 2022.
State extension of time to file period extended
Beginning after Dec. 31, 2014, the state extension for time to file individual and financial institution income tax returns moves to Oct. 15, plus 30 days. This policy matches the federal extension period (plus 30 days). Any tax paid after the original due date is subject to interest; if 90 percent of the tax reasonably expected to be due was not paid by the original due date, penalty will be imposed on the balance due.
Adoption tax credit
Beginning after Dec. 31, 2014, individuals are allowed to claim an adoption credit for each eligible child equaling 10 percent of the allowed federal adoption credit, not to exceed $1,000.
Lake County residential income tax credit
Beginning after Dec. 31, 2014, income eligibility limitation changes from
- earned income must be less than $18,600, to
- Indiana adjusted gross income must be less than $18,600.
Central Indiana transportation funding option
Allows Delaware, Hamilton, Hancock, Johnson, Madison, and Marion Counties to adopt an ordinance to have a referendum to increase their local option income tax rate (county tax) to fund central Indiana transportation.
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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