Tips for Small Business Year-End Tax Planning

Planning is the key to successfully and legally reducing your tax liability and is a critical part of a small business owner’s financial plan. Yet, the majority of small business owners ignore tax planning. There are many tax planning strategies available to small business owners – below are a just a few: Review Your Expenses:Check to be sure you have …

State Sales Tax Refunds Available For Personal Property Destroyed In Floods

Louisiana taxpayers can claim refunds for state sales taxes paid on personal property destroyed by a natural disaster in a parish declared a federal disaster area. The following parishes were declared federal disaster areas following severe storms and flooding in March 2016: Allen, Ascension, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, DeSoto, East Carroll, Franklin, Grant, Jackson, LaSalle, Lincoln, …

Filing Extensions Available To Louisiana Taxpayers Affected By Flooding

A one-month filing and payment extension for Louisiana state taxes is available to Louisiana taxpayers affected by recent severe storms and flooding. The extension applies to Louisiana tax returns and payments due August 15, 2016. The extended deadline is September 15, 2016. For returns and payments submitted by the extended deadline, the Louisiana Department of Revenue will waive any late …

10 Tips for Deducting Losses from a Disaster

We have been experiencing major flooding in Louisiana this week. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are ten tips you should know about deducting casualty losses: Casualty loss. You may be able to deduct losses based on the damage …

State Solar Energy Tax Credit Limit Has Been Reached

The amount of claims already submitted for Louisiana’s solar energy system tax credit exceeds the amount of money available to pay claims on purchased systems through the scheduled end of the credit program on December 31, 2017. Consumers purchasing residential solar energy systems from this point forward should not expect to receive tax credits from the state. Act 131 of …

I Got a Notice From the IRS – What Should I Do?

The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, or may tell you about changes to your account, ask you for more information, or request a payment. Before you proceed, check where the notice came from – make sure it’s from …

Should Louisiana Raise Taxes Again?

Two interesting and related articles this morning – the first from The Advocate regarding a poll about raising taxes during the upcoming Special Session: FULL ARTICLE ON BUSINESSREPORT.COM “Roughly seven in 10 Louisianans, or 72%, believe increasing taxes will keep businesses from relocating to The Bayou State, according to the results of a poll of 500 “likely voters” released Tuesday …

Changes to Louisiana Corporate Franchise Law Tax

The changes to the Louisiana corporate franchise tax adopted during the Session appear to be potentially more far reaching than the changes to the state sales and use tax. For tax periods beginning on or after January 1, 2017, Act 12 (signed by the Governor and effective March 10, 2016) expands the Louisiana corporate franchise tax to all entities (whether …

Changes to the Solar Credit for Louisiana Taxpayers

The Regular Legislative Session made several changes to the solar credit as described in Act 131. Act 131 repealed the eligibility of numerous types of systems, including but not limited to solar thermal systems and solar air conditioning systems, and imposed a requirement that the solar energy system be installed on the homeowner’s primary residence. Act 131 also reduced the …