Here are 4 tips from the Louisiana Department of Revenue: 1. Keep documents secure Place paper documents in airtight containers and place up high. Scan important records such as tax returns, payroll records and insurance documents 2. Use paperless media and cloud storage Save electronic records to flash drive or upload to cloud storage 3. Document valuables and business equipment …
About 66,000 Louisiana taxpayers were double-paid their state tax refunds, $26 million in overpayments the state is working to claw back. The error happened Wednesday. Jacques Berry is spokesman for the Division of Administration, which oversees the state’s technology office. Berry blamed a computer system error for the mistake, which paid 66,000 taxpayers twice for refunds they were owed. Berry …
Tax experts say you should get your tax return filed with the IRS at least by early next week. Not only will you get your return faster, but there is a possibility of another government shutdown starting late next week. CNBC Personal Finance Writer, Darla Mercado, says there is already a lot of confusion among tax filers, even with the …
IGNORANCE ISN’T BLISS when it comes to the U.S. tax code. Failing to fill out your tax return correctly, even if you make an honest mistake, isn’t going to earn you immediate forgiveness from the Internal Revenue Service. “When you sign your tax return, you’re signing it (to say) that everything is accurate and true,” says Mark Jaeger, director of tax development at …
The Tax Foundation has completed an exhaustive study of the tax structure of Louisiana and produced a book which is meant to guide the State in achieving the goal of true fiscal reform. The Tax Foundation’s team of tax economists met with stakeholders from all walks of Louisiana life, including small business owners, local government officials, trade associations, industry representatives, …
The 2015 Tax Amnesty Program is the third and final effort permitted by the Louisiana Tax Delinquency Amnesty Act of 2013. After the conclusion of 2015 amnesty, there will be no new amnesty program offered by the Department of Revenue before Jan. 1, 2025. APPLICATIONS FOR LOUISIANA TAX AMNESTY 2015 WILL BEGIN AT 12:00 AM (central time), MONDAY, NOVEMBER 16, …
Maximize your profitability with good tax planning so you won’t be burdened with taxes that could be reduced or even eliminated. Start with looking for ways to push income 2016 while pulling expenses into 2015. If you use the cash-method of accounting, delay as many invoices as possible until after January 1, 2016 so that you will not receive payment …
Standard deductions and the personal exemption will both increase slightly for the 2016 tax year according to the Revenue Procedure 2015 document released by the IRS October 21. Revised tax tables are shown below. Beginning in 2016, the allowable itemized deductions are $311,300 in the case of a joint return or a surviving spouse, $285,350 in the case of a …
Louisiana convened its 2015 legislative session with seemingly insurmountable problems: a $1.6 billion budget shortfall, difficult-to-navigate funding dedications, and a governor who pledged he wouldn’t increase taxes. If that combination seems intractable, it wasâ€â€the session closed with a patchwork of short-term, temporary fixes to plug the budget hole with promises that legislators would be back in the next legislative session …
The Ninth Circuit Court of Appeals, reversing a Tax Court decision, concluded that the tax law’s limits on the amount of debt eligible for the home mortgage interest deduction ($1 million of mortgage “acquisition” debt and $100,000 of home equity debt) are applied on a per-individual basis, and not a per-residence basis as the IRS has long maintained.Thus, for the …
