Do You know the Four Ways to Protect Financial Documents/ Tax Records during Hurricane Season?

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 …

Louisiana’s New Internet Sales Tax Collection System Might Be Delayed Until 2020; Here’s Why

Putting together the software necessary to collect taxes on internet sales is taking longer than expected, so legislation sitting on the governor’s desk would extend by a year the drop-dead date for the state commission to gather the exact local taxes from out-of-state retailers. Right now, the Louisiana Department of Revenue is collecting 8.45% taxes on sales of goods by …

Louisiana Corporate Income Tax Ranks 27th Highest In Nation

While the Tax Cuts and Jobs Act reduced the federal corporate income tax rate from 35% to 21%, most U.S. states—including Louisiana—also tax corporate income, with the average combined rate being 25.9%, according to the Tax Foundation.   The combined federal and state corporate tax rate for Louisiana is 26%—the 27th highest rate in the nation. The state’s rates are comparable …

Louisiana Lawmakers Talk Sports Betting Taxes

House bill calls for dedicating state sports betting revenue to early childhood education Louisiana lawmakers took a first step regarding legal sports betting on Tuesday when the House Ways and Means Committee considered how to it, as well as taxation for fantasy sports contests and medical marijuana. State Senator Danny Martiny (R-District 10) filed a bill ahead of the session …

What Are the Income Tax Brackets for 2019 vs. 2018?

It’s never too early to start thinking about your next income tax return. For most taxpayers, that’ll be your return for the 2019 tax year–which, by the way, will be due on April 15, 2020. The 2019 tax rates themselves are the same as the tax rates in effect for the 2018 tax year: 10%, 12%, 22%, 24%, 32%, 35% …

Louisiana Accidentally Paid It’s Residents Double This Tax Season, To The Tune Of $26 Million

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 …

7 Ways To Make Next Year’s Taxes Less Painful Than This Year’s

  Initial analysis of the Tax Cuts and Jobs Act of 2017 implied that take-home pay would go up for many Americans and that overall taxes would go down — at least for some people. Plenty of people are still freaking out about getting a smaller tax refund this year. If you’re paying attention to your actual tax bill and …

10 Essential Tax Questions & Answers For Homeowners

Albert Einstein once lamented, “The hardest thing in the world to understand is the income tax.” If you buy, sell, finance or own real estate, it gets even harder. Yet there’s no reason to pay more than the minimum, and the Internal Revenue Code actually gives property owners lots of tax breaks. According to Art Ford, a certified public accountant …

Experts: file your taxes early this year

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 …

Illegal Tax Moves to Avoid

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 …