Archive for April, 2013

Department of Revenue encourages proper payment procedures, electronic filing

BATON ROUGE – As the May 15 state individual tax filing deadline approaches, the Louisiana Department of  Revenue (LDR) reminds taxpayers of procedures that can speed up their refunds and eliminate the possibility of late payment penalties.

“The most important thing you can do to ensure a speedy refund is to file your taxes electronically,” says LDR Executive Counsel Tim Barfield.

Taxpayers who file electronically can expect their refunds in an average of ten business days.  Paper filers can expect to wait as long as four months. Electronic filing methods include Louisiana File Online (www.revenue.louisiana.gov/fileonline) and commercially-available tax preparation software.

Taxpayers who owe taxes are encouraged to pay electronically.  Electronic payments can be made through Louisiana File Online.

If paying by check or money order, taxpayers must use the proper payment vouchers to ensure that payments are posted to the correct account.  Failure to include the proper payment voucher can lead to penalties.

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LDR honored for volunteer service to EBR’s University Terrace Elementary School

BATON ROUGE – The East Baton Rouge Parish School Board on Thursday, April 18, will honor the Louisiana Department of Revenue (LDR) for ten years of partnership and service to Baton Rouge’s University Terrace Elementary School.  Every year, LDR holds numerous fundraisers to raise money for school supplies, books, toys, clothes, and classroom equipment for the school and its students.

LDR’s partnership with University Terrace began in the 2002-2003 school year, in coordination with the nonprofit organization Volunteers in Public Schools (VIPS). 

LDR employees collect goods and raise money for University Terrace through holiday toy and clothing drives; collecting Box Tops for Education, Community Coffee coupons, and ink and toner cartridges (Project Green); and special dress-down days, for which employees donate money for the privilege of dressing casually several days a month. 

Service projects have included playground renovations and 5th grade graduation receptions. 

Since the partnership began, LDR employees have donated or collected $33,500 to benefit the school.

VIPS’ Partners in Education Coordinator, Kimberly Levy-Marcelle, will recognize LDR’s service to University Terrace during the Thursday, April 18, meeting of the East Baton Rouge Parish School Board.

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State earned income credit can be worth hundreds of dollars for working families

BATON ROUGE – Hundreds of thousands of Louisiana families with low to moderate incomes can increase their state tax refunds with the Louisiana Earned Income Tax Credit. More than 400,000 taxpayers claimed this refundable tax credit in 2012 for an average benefit of $100.

The state earned income credit is equal to 3.5 percent of the federal EITC. For the 2012 tax year (federal returns due April 15, 2013), the maximum amount of the federal EITC is:

  • $5,891 with three or more qualifying children
  • $5,236 with two qualifying children
  • $3,169 with one qualifying child
  • $475 with no qualifying children

And the income thresholds for the federal EITC are:

  • $45,060 ($50,270 married filing jointly) with three or more qualifying children
  • $41,952 ($47,162 married filing jointly) with two qualifying children
  • $36,920 ($42,130 married filing jointly) with one qualifying child
  • $13,980 ($19,190 married filing jointly) with no qualifying children

To calculate the amount of the Louisiana earned income credit, multiply the federal EITC amount by .035, or 3.5 percent.  Some examples:

2012 Tax Year Federal EITC Louisiana EITC
$5,891 $205
$5,236 $183
$3,169 $111
$475 $17

 Claim the state earned income credit on Line 21 of the Louisiana Resident Individual Income Tax Return in the section titled “Refundable Tax Credits.”

2012 Louisiana Individual Income Tax returns are due May 15, 2013.

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