2012 Tax Credit Announced
Published:
By Marie Jett, CPA | Manager, Tax Services Group and Larry Brodnik, CPA | Senior Partner, Tax Services Group
On November 21st the Governor announced that Indiana taxpayers who filed/file full year returns for both 2011 and 2012 will receive a credit on their 2012 tax returns equal to $111 (single filer) and $222 (joint filer – if both are eligible) because of the State’s automatic taxpayer refund policy.
Quick Indiana Tax Credits/Deductions Reminders
With only about a month left before the end of 2012, you may be wrapping up your year-end tax planning. Below are some quick reminders for Indiana that can be easily overlooked in your planning.
- Winterizing your home – This time of year people begin to winterize their house to help save in energy costs. A reminder – Indiana offers an insulation deduction up to $1,000. The insulation deduction applies to insulation, weather stripping, storm windows, storm doors, even caulking. All you need to do is have the work performed by year-end and keep copies of all your receipts.
- CollegeChoice Plans – Don’t forget to make your contribution to your child or grandchild’s CollegeChoice 529 education plan. For your donation, up to $5,000, you get a 20% credit on your income tax return ($1,000 maximum credit).
- Donations to Indiana colleges – You can get a credit for charitable donations made to your favorite Indiana college. The credit is 50% of the amount you donate up to $100 (single filer) or $200 (joint filers). Just make sure you save your receipt from the college to verify your donation.
Contact:
Marie Jett, CPA
Manager, Tax Services Group | 317.260.4472 | mjett@greenwaltcpas.com
Larry Brodnik, CPA
Senior Partner, Tax Services Group | 317.240.4488 | lbrodnik@greenwaltcpas.com