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FOR IMMEDIATE RELEASE
Contact: Bob Dittmer, APR
(317) 234-3793

Indiana Tax Tips April 10, 2012

Indianapolis (April 10, 2012) Here are a few tips you can share with your readers/ viewers/listeners:

The tax filing deadline is FAST approaching! You only have until April 17 to file your taxes. Filing online is the fastest and easiest way to make sure your return gets processed on time. Indiana has a new, free method to file both your state and federal taxes. About 1 million Hoosiers qualify for the free service. Go to http://www.freefile.dor.in.gov/ to find out if you qualify.

If you’re not going to make the deadline, you will need to file an extension. To file an extension:

  1. Determine whether you are going to owe state taxes, receive a refund or break even. If you are going to owe taxes:

    1. Download Form IT-9 from the state’s income tax form list.
    2. Figure how much you owe and mail your payment with the IT-9.
    3. Pay at least 90 percent of the tax you are going to owe.
    4. You will have until June 18 to file your return along with the rest of your payment.
    5. Penalties for late filing are waived, but you will still be liable for interest accrued.

  2. If you are not going to owe taxes (you will receive a refund or will break even):

    1. If you have filed for a federal extension of time to file (probably IRS Form 4868), then you won’t need an additional extension for Indiana filing purposes. A federal extension of time to file extends your filing period with Indiana to November 17.
    2. If you don’t have a federal extension, complete Form IT-9, get it postmarked by April 17, and file your tax return by June 18, 2012.
    3. Even if you owe no tax liability, you must still file. You can still be charged late filing penalties if you don’t file on time.

  3. If you are in the military, there are special filing considerations. The Department of Revenue’s Information Bulletin 27 can give you details about extensions, taxability of income, deductions and a range of information for those serving in the military. Also, if you or your spouse is serving in a combat zone, see combat zone issues for tax information specific to your situation.

  4. Don’t forget to pay your “use tax.” Use tax is required for Indiana taxpayers who purchase items online or by catalog when no sales tax is collected by the retailer. In those cases, you should declare your purchase amounts and pay a use tax equal to the 7 percent Indiana sales tax:

Example: A taxpayer orders a book from an online vendor and the vendor does not collect the 7 percent Indiana sales tax. The taxpayer should declare that purchase and declare the 7 percent use tax on that purchase with his annual tax return.

Example: A taxpayer purchases an apparel item from a catalog company operating in another state and that company does not collect the 7 percent Indiana sales tax on the purchase. That 7 percent should be declared as use tax on the taxpayer’s annual tax return.

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Contact: Bob Dittmer, APR (317) 234-3793 - office