IN.gov - Skip Navigation

Note: This message is displayed if (1) your browser is not standards-compliant or (2) you have you disabled CSS. Read our Policies for more information.


Mobile Site RSS Feeds

DOR > About Us > Resources > Tax Talk Blog > Year-end tax bargains! Get ’em while they're … available. Year-end tax bargains! Get ’em while they're … available.

Dec. 1, 2008

Fall is finally dwindling to a close. Finally the trees have gone bare, and the farmers have finished harvesting the last of their fields, now looking over their shoulders for the first snowflakes of winter. The smell of wood smoke is in the air, and the taste of pumpkin pie is on our minds. And, as always at this time of year, thoughts of filing income taxes are just ahead.

In fact, this is the time of year when many people do some last-minute financial “harvesting,” so to speak, with a number of ways to help our tax dollars stretch. Here are a few ideas:

Winterize your house (and go green) – If you want to reduce your energy use and get a state tax break, check out the state’s insulation deduction – up to $1,000. And, hey, this deduction is not just for the pink stuff that goes in your attic. This deduction covers 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. For more details, read Information Bulletin #43

Save for college – Let this year be the year that you “get credit” for saving for a loved-one’s college tuition. With the CollegeChoice 529 education savings plan, you get a 20-percent state credit (up to $1,000) for contributions made this year. Visit the plan administrator’s site at http://www.collegechoiceplan.com/ and read Information Bulletin #98 for details.

Make a donation to education – With this one, you may get a state credit and a deduction on your federal return. Here’s how it works: If you are in the giving mood and want to support the Indiana college of your choice, making a contribution could net you up to a $100 or $200 credit when you file your state tax return. Contributions to your favorite Indiana college 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. Just make sure to keep your receipt/letter from the institution. Read Information Bulletin # 14 for particulars about the state credit, and information about claiming itemized deductions from the IRS.

For those of you looking for last-minute ideas on how to get your “tax” house in order as the year closes out, and even for you bargain hounds, too – consider these ideas. These are great ways to legitimately harvest the last financial pickings of the year.