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In 2014, the Indiana state legislature passed a law that cut the corporate income tax from 8.50% in 2014 to 6.25% in 2016, with further decreases to be phased in until the rate falls to 4.9% in 2022. [5] Indiana is the only state that imposes corporate income taxes based on fiscal year instead of calendar year.
Income tax rate for the state of Indiana is 3.15% — Second-lowest (behind Ohio) in the IMOK (i.e., Illinois, Michigan, Ohio, Kentucky) border states quartet. All Indiana counties have a local ...
The first federal income tax was enacted in 1861, and expired in 1872, amid constitutional challenges. A corporate income tax was enacted in 1894, but a key aspect of it was shortly held unconstitutional. In 1909, Congress enacted an excise tax on corporations based on income.
The filing deadline for most 2023 federal and state of Indiana income tax returns is April 15, 2024.
The council also has limited authority to impose local taxes, usually in the form of an income tax that is subject to state-level approval, excise taxes, or service taxes, like those on dining or lodging. [4] [5] Board of commissioners: The executive body consists of three commissioners. The commissioners are elected county-wide, and serve four ...
Small business owners, independent contractors and gig workers soon will be getting 1099-K tax forms if they used any payment platform on which they had at least $5,000 in business transactions in ...
Illinois requires residents who make purchases online or when traveling out-of-state to report those purchases on their state income tax form and pay use tax. In 2014, Illinois passed legislation which required sales tax to be collected by "catalog, mail-order and similar retailers along with online sellers... if they have sales of $10,000 or ...
Monday is tax day. If you haven't already submitted your documents to the IRS and the Indiana Department of Revenue, here's what you need to know. Taxes are due Monday.
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