Tax Preparer Offers Indiana-Specific Tips

 
 

Some taxpayers in our area may be in for a surprise when they file their Indiana returns.

H&R Block Senior Tax Advisor Michelle Bachtel says that could be the case if you moved mid-year, as the state calculates county taxes based on where you live on Jan. 1. For instance, someone who moved from Pulaski to Starke County and changed their withholding may end up owing state taxes.

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Starke County and Others Change Income Tax Rates

A number of counties in Indiana have changed their withholding income tax rates with increases across the board. Starke, Perry, Hancock, and Carroll counties each raised their rates effective yesterday.

In Starke County, the resident rate has increased from .0106 to .0171, with the non-resident rate increased from .0081 to .0146. Perry County increased their resident rate to .0156 from .0106, and the non-resident rate from .00685 to .01185. Hancock County raised their non-resident rate from .004 to .0045, and Carroll County raised their resident rate from .015039 to .017039.

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State Revenue Report Indicates Increase In Collections

The monthly revenue report for April 2012 state tax collections was recently released.

Total revenue collections were $1.8 billion, $159 million more than projected by the revenue forecast updated on Dec. 14, 2011. Through April, state general fund revenues have increased 9 percent compared to the same period last year.

Individual income tax collections significantly exceeded the April target, primarily as a result of the Department of Revenue’s improvements in the processing of tax returns. The 44.9 percent growth in individual income tax collection is also partially attributable to a 20 percent increase in withholdings.

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