Most Americans could file their taxes for free, but don’t
The GAO report, issued Thursday, found that while 70% of taxpayers were eligible for the Internal Revenue Service’s free-filing program, only 3% of taxpayers actually use the service.
Income taxes
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IRS expects to receive tens of millions of tax returns on Monday
Monday is Tax Day—the federal deadline for individual tax filing and payments. About 40% of this year’s taxpayers still haven’t filed a return.
Indiana automatic taxpayer refund to be sent starting next month
Hoosiers should expect to start receiving a $125 automatic taxpayer refund in May, Indiana Gov. Eric Holcomb announced Wednesday.
Legislature ends session by cutting income taxes, not business personal property tax
The plan would cut the income tax rate to 3.15% from 3.23% for 2023, which would amount to a $40 savings for those with $50,000 in taxable income. The tax rate would be cut further in 2025, 2027 and 2029, but only if state tax revenue grows by at least 2% in the previous budget year.
$1B tax-cut package clears Indiana House, heads to uncertain future in Senate
Republicans in the Indiana House passed their $1 billion individual income and business tax-cut proposal Thursday on a 68-25 party-line vote, sending it to the Senate, where its future is murky.
Republicans’ $1B tax-cut package heads to full Indiana House
Republicans on the Indiana House Ways and Means Committee passed their $1 billion tax-cut proposal Wednesday night on a 15-7 party-line vote, sending it to the full House for consideration.
GOP differences on Indiana tax cuts, vaccine mandate limits solidify
The Indiana Senate’s top Republican said tax cuts and limits on employer vaccine mandates didn’t land on his priority list because they are “controversial” and “more complicated to work through.” But that won’t stop House Republicans from pursuing them.
House Republicans unveil $1B tax cut plan; other GOP leaders are more reluctant
The plan proposes lowering or eliminating four separate taxes on sales, business personal property, individual income and utility receipts.
House leader eyes income tax cut amid rosy fiscal forecast
Indiana House Speaker Todd Huston says the state’s burgeoning surplus, forecast to grow to $5.1 billion by the end of June, gives him even more reason to pursue tax cuts.
UPDATE: Indiana taxpayers to get $125 refunds as state gives back $545M in surplus
The size of the state surplus has triggered Indiana’s automatic tax-refund law, with an estimated $545 million being divided evenly among 4.3 million taxpayers.
Jalene Hahn: Year-end tax planning during uncertain times
Year-end 2021 tax- and estate-planning efforts are being influenced by proposed tax law changes, the lingering pandemic, the threat of inflation and general economic uncertainty
Bohanon & Curott: Let’s hope unrealized capital gains tax is never reality
We’re sure the progressives will assure us they are only proposing going after billionaires and other fat cats who are able to pay.
Boone County considering income tax hike to expand jail
The clock is ticking for officials to decide whether they’ll raise local income taxes to pay for a $45 million to $50 million jail expansion and justice center to alleviate overcrowding.
Philanthropic world skeptical of proposed federal legislation
A bill introduced last month in the U.S. Senate would add rules about how quickly donor-advised funds must distribute money to charity, but critics say the rules are unnecessary and could have the unintended consequence of hurting charitable giving.
Donor-advised funds are catching on as a tool for personal philanthropy
The number of donor-advised funds in the United States, the amount contributed to these funds and the amount distributed to charity from them have all seen significant growth, with no signs of a slowdown.
IRS delays federal income tax filing due date until May 17
The IRS announced the decision Wednesday and said it would provide further guidance in the coming days. The move provides more breathing room for taxpayers and the IRS alike to cope with changes brought on by the pandemic.
Gubernatorial candidates largely stay away from pandemic discussion during first debate
The three candidates answered questions Tuesday night about education, economic development and the role of government, but spent little time discussing the ongoing COVID-19 pandemic.
New law means $4.7M more in tax revenue for Fishers, courtesy of Carmel
Special legislation passed in 2019 that caps Carmel’s income tax revenue growth at 2.5% per year for three years, with any excess transferred to Fishers, was triggered in the first year it could apply.
Trump used strategies common among real estate developers to shrink taxes
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.
Report: Trump avoided paying income taxes for years as businesses lost money
President Donald Trump called the story by the New York Times “fake news.” His attorney said Trump has paid “tens of millions of dollars in personal taxes to the federal government” over the past decade.