[R76] T is for Taxes (1/16/2012)

Monday, January 16, 2012

Start Date: 1/16/2012
End Date: 1/16/2012

Legislation is finally beginning to make its way through the legislative process at the Indiana Statehouse with many bills now filed, handed down and placed in committees. I filed my final bill last week, which would enable veterans’ pensions to be tax exempt.

This would help us recruit top talent to work on our military bases.  It would also be a driver for economic activity in Southwest Indiana by encouraging more defense contractors to locate in places such as Crane Naval Base. The more top defense contractors we have, the more likely it is that we will win coveted defense contracts that create jobs. Finding ways to bring more jobs to Southwestern Indiana is my top goal and this is one bill that can help make that happen.

I would also like to remind you that the tax season is upon us. I urge you to start thinking about filing your 2011 income taxes because April will be here before you know it. To help, the Indiana Department of Revenue has put together some tax tips.

First, start gathering your records. Round up any documents or forms you’ll need when filing your taxes such as receipts, canceled checks, and other documents that support income or deductions you’re claiming.

Second, be on the lookout for official documents that will be arriving in mailboxes throughout January, such as your W-2 and 1099.

Thirdly, start thinking about how you will file. There are many ways to file your taxes these days, including traditional paper, online with a paid service, using a professional tax preparer or using INfreefile.

Indiana freefile is the newest member to join the Free File Alliance, which is a partnership between the IRS and private tax preparers to offer free tax filing for a range of income levels. This is a very exciting program that will help around 1 million Hoosiers file their taxes for free.  The easy-to-use professional software works for both federal and state tax filing and there are six vendors available to choose from. You can learn more about them at: www.freefile.dor.in.gov

The deadline for filing your taxes this year is April 17, but remember the sooner you file the sooner you can get your refund, if you qualify.