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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.
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
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.
Returns are also required by partnerships doing business in the state. Many states require that a copy of the federal income tax return be attached to their state income tax returns. The deadline for filing returns varies by state and type of return, but for individuals in many states is the same as the federal deadline, typically April 15.
Ken and Klee give an easy and quick explanation of Indiana Form IT-40 to help newbies understand some of the basics of Indiana Income taxes.
If you request an extension with the IRS, you'll have until Oct. 15 — an additional six months — to file your return. If you need an extension to file your state returns with the Indiana ...
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