For most tax payers, December 31st is the last day to take actions that will impact 2017 tax returns, according to the IRS.
For instance, charitable contributions are deductible in the year made. This means donations charged to a credit card before the end of the year count for the 2017 tax even if the bill isn’t paid until 2018 and checks made to a charity count for 2017 as long as they’re mailed by the last day of the year.
Taxpayers are urged to refrain from preparing their tax returns until all necessary forms and documents are received. Needed documentation includes W-2 forms from employers and 1099 forms from banks and other payers. Continue reading →
According to Governor Mitch Daniels, a preliminary look at Indiana’s fiscal year data shows the state will close the year with reserves of more than $2 billion and a structural surplus, meaning annual revenue in excess of annual expenses of more than $500 million.
“Thanks to that amount and its overage beyond ten percent of next year’s budget, there will be a major infusion of money into Indiana pension funds, which are already the strongest in the country, and the first automatic taxpayer refund in state history,” said Governor Mitch Daniels. “So, what we can say today is that we have a double-digit discount for the typical Indiana taxpayer.”
Governor Daniels stated that you will receive the first automatic taxpayer refund when you file your state taxes in 2013. The Indiana General Assembly approved the Governor’s plan for an automatic taxpayer refund in 2011. The refund will clearly be in excess of $100 for a single filer or $200 for a joint return. The exact amount will not be known until the fall when the estimate will be made of how many tax returns will qualify. The median income tax payment was a little over $800 last year, so the refund will amount to more than ten percent.
For fiscal year 2013, the state is projecting a structural surplus of more than $400 million, resulting in the state’s reserves again exceeding $2 billion.
For most tax payers, December 31st is the last day to take actions that will impact 2017 tax returns, according to the IRS.
