Year-end tax bargains! Get ’em while they're … available.
Nov. 19, 2007
Fall is quickly coming to an end. Farmers are harvesting the last of their crops, constantly looking over their shoulder for that first snowflake. The smell of wood smoke is in the air. S’mores can’t be far behind – and thoughts of filing income taxes are just ahead.
In fact, this is the time of year when many people do a different kind of financial housekeeping. As the year winds down we look for “last minute bargains” – ways to help our tax dollars stretch. Here are a few ideas:
Winterize your house -- Indiana offers an insulation deduction – up to $1,000, and not just for the pink stuff that goes in the attic. Included are weather stripping, storm windows, storm doors, even caulking. Just make sure to get all the work done by the end of the year, and keep those receipts. Get Information Bulletin #43 for details.
Save for college -- Indiana is providing a way for you to “get credit” for saving for a loved-one’s college tuition. The new CollegeChoice 529 education savings plan allows you get a 20-percent credit (up to $1,000) for contributions made this year. Visit the plan administrator’s site at https://www.collegechoiceplan.com/ccp/ccp.jsp and get Information Bulletin #98 for details.
Make a donation to education (you may get a state credit and a deduction on your federal return) -- If you are in the giving mood and want to support the Indiana college of your choice, a contribution could net you up to a $100 or $200 credit when you file your state tax return. Contributions can include not only cash, but stuff – like a rare book, a painting or even a piece of land. Plus, you get an even bigger bang for your college contribution buck if you itemize deductions on your federal tax return. Get Information Bulletin # 14 for particulars about the state credit, and information about claiming itemized deductions from the IRS.
For you bargain hounds out there, or anyone looking for a tax break that is perfectly legit, consider these ideas. I hope they warm you to your toes -- almost as good as a piping hot s’more!
- What does the state require to start a business?
- How can I check on my State income tax refund?
- How do I obtain a state tax number to collect sales tax?
- Who can I contact about Indiana income tax?
- Where do I go for tax forms?
- Where is my state tax refund?
- I filed my Indiana tax return. I owe, but am unable to pay at this time. What sh...
- I worked in Indiana six months. Then I worked six months in another state. How s...
- Know when I will receive my tax refund.
- File a part-year Indiana tax return.
- File my taxes as an Indiana resident while I am in the military, but my spouse is not an Indiana resident.
- Take the renter's deduction.
- Pay my tax bill in installments.
- Claim a gambling loss on my Indiana return.
- Have more time to file my taxes and I think I will owe the Department.
Welcome to Tax Talk, hosted by DiB (dye-bee), the Indiana Department of Revenue’s individual income tax guru. DiB, who says she’s been with the Department “since the earth cooled” (though it’s actually 30+ years), writes and develops Indiana’s individual income-tax instruction booklets and forms. DiB created Tax Talk to address Indiana individual income tax questions and issues during the filing season. If you would like to submit a question or topic suggestions, please send those to DiB at feedback@dor.in.gov
Individual Tax Links
Indiana Free Filing - I-File
Individual Tax Forms
Pay Indiana Taxes Online
Internal Revenue Service
Other State’s Tax Forms
