Indiana taxpayers who are trying to trim their state income taxes probably can find a tax break or two at their homes!
Homeowners can lop residential property taxes right out of their tax returns, up to a maximum of $2,500. The state Department of Revenue does note that the residence involved has to be subject to Indiana property taxes; the residence can’t be in another state, for example. That deduction saves about $85 in taxes, the agency says.
Renters get a similar opportunity. They can subtract up to $3,000 worth of rent they paid. That tax break is worth about $105, the department estimates. The deduction could help college students who are paying apartment rent and must pay Indiana income tax on earnings from a job.
The Indiana DOR notes the state actually offers about 20 more tax cuts for individuals. They include breaks for costs of energy-saving materials, insulation and a portion of unemployment compensation, among others. Find more information online at: http://www.in.gov/dor.
Experienced in multi-state returns, EricJohn Ltd. can find those deductions for either your Indiana or your Minnesota income tax return!! Call to find out more at (763).537-3244 or email to: [email protected]