Louisiana Individual Income Tax Return Filing and Extension Deadline TODAY

Louisiana Individual Income Tax Returns Are Due TODAY Today(Monday, May 15) is the deadline for filing 2017 Louisiana Individual Income Tax returns. Taxes can still be electronic filed with The Louisiana Department of Revenue. Louisiana File Online is the state’s free tax filing web application which can be reached at www.revenue.louisiana.gov/fileonline. Last Chance For Filing Extensions If you need more …

Health Savings Account Limits Slightly Increased

The IRS has issued the 2018 calendar year inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs), as well as the minimum deductible amounts, and maximum out-of-pocket expense amounts for high-deductible health plans. Under Sec. 223, individuals who participate in a high-deductible health plan (HDHP) are permitted a deduction for their contributions to HSAs set up to …

Temporary extension of Louisiana’s temporary sales tax might be temporary fix

No one in the State Capitol says they want to renew a temporary 1-cent increase in the sales tax that is scheduled to expire in mid-2018. “I continue to believe that (it) should roll off the books,” Gov. John Bel Edwards told reporters on Tuesday, in a comment echoed by state legislators of both parties. Avoiding the Fiscal Cliff But …

White House Unveils Tax Reform Priorities

The White House last Wednesday (April 26th) issued President Trump’s goals and key features for tax reform, which include slashing corporate tax rates, flattening individual marginal income tax brackets, and repealing of the estate and alternative minimum taxes. Trump outlined these proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and American Jobs” and …

Fake News: a Threat to Americans Financial Decision Making

A Serious Threat to Financial Decisions The threat of fake news reaches far beyond just politics. Americans say that fake financial news is affecting their ability to make retirement, investment, and health care decisions. In a recent AICPA survey of 1,018 adults, 58% of respondents said that fake financial news is a serious threat to their financial decision-making. One-third of …

Monday May 15 is The Louisiana State Tax Filing Deadline

Deadline Closing in Fast Monday May 15 is the deadline for filing 2017 Louisiana Individual Income Tax returns. Taxes can be electronic filed with The Louisiana Department of Revenue for the fastest, most error-free tax return and refund processing. Louisiana File Online is the state’s free tax filing web application which can be reached at www.revenue.louisiana.gov/fileonline. Filing Extensions Available until …

State tax filing & payment extensions available for tornado-affected areas

Severe Storm Tax Relief Tax relief is available to Louisiana taxpayers affected by severe storms and tornadoes that struck the state on February 7, 2017. The Louisiana Department of Revenue is offering filing and payment extensions to residents whose homes, critical tax records or principal places of business are located in the following ZIP codes in Livingston and Orleans parishes: …

IRS Adjusts Service Vehicle Depreciation Limits

2017 inflation Adjustments to Vehicle Depreciation The IRS on Friday March 24th issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29). This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. For passenger automobiles (other than …

Proposed PPACA replacement bills contain many tax changes

The American Health Care Act House Republicans released draft bills to repeal and replace the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148, earlier this month. Collectively known as the American Health Care Act, the bills would repeal most of PPACA’s provisions and would enact a new system that would offer tax credits to help taxpayers afford health insurance. …

Louisiana Corporate Tax Returns Due May 15th

Who Must File: All corporations and entities taxed as corporations for federal income tax purposes deriving income from Louisiana sources, whether or not they have any net income, must file an income tax return. Corporations that obtain a ruling of exemption from the Internal Revenue Service must submit a copy of the ruling to the Department to obtain an exemption. …