As a small business owner, you probably think about the IRS and its many regulations all too often. But it is important to keep Indiana tax law in mind as well. Like Federal tax laws, Indiana tax laws for small business change almost every year and can be difficult to digest.
But the good news is that Indiana tax lawyers monitor tax law changes as they come down through the State legislature. An Indiana tax attorney can help you get up to speed on Indiana tax laws for small business, including:
1. Indiana business tax laws
2. Indiana property tax laws
3. Indiana sales tax law
4. Indiana employment law
5. Indiana inheritance tax law
Action Steps
The best contacts and resources to help you get it done
Hire an Indiana tax attorney
Indiana tax lawyers can help you maximize your tax savings by making sure that you take advantage of every deduction and credit available for your business. Hiring a good Indiana tax attorney is usually well worth the expense, especially if you are just starting out or if you have complicated tax issues.
I recommend: The
Indiana Legal Help Center allows you to submit an inquiry online and then matches you with participating lawyers in your area that best fit your legal situation.
FindLaw allows you to search for Indiana tax lawyers nearest to your city or town.
Use Indiana tax resources to stay informed on your own
You can use a variety of Federal and Indiana tax resources to stay on top of small business tax law. You can view the relevant sections of the Indiana Tax Code online, as well as peruse websites that offer updates and articles on the latest tax law changes. The tax news sites do a good job of informing small businesses owners of the tax law changes that might affect them.
I recommend: The
Indiana Department of Revenue website is always a good place to start when you have tax questions or want to find out about the latest changes to Indiana business tax laws.
Small Business Tax News specializes in tracking changes and providing commentary on Federal tax law affecting small businesses. The Finance and Taxes section of FindLaw for Small Business provides news relating to Indiana tax laws for small business, and also allows you to search the Indiana State Code for relevant provisions.
Use the newest versions of tax software
Tax software suites are generally updated annually to incorporate changes in both Federal and State tax laws. The upgraded versions come at a cost, but you can deduct the amount you pay for the new software from your tax liability. Using a newly updated tax software program will not only aid you in compliance with tax laws, but it will also help you maximize your tax savings at a minimal cost.
I recommend: TurboTax State is a well-regarded software program that is updated annually.
Drake Software and
TaxSoftware.com are also good bets for small businesses.
Tips & Tactics
Helpful advice for making the most of this Guide
- Tax law changes are generally communicated in the tax year preceding the effective date. Staying on top of upcoming changes can help you plan for the future.
- Always keep in mind that you are responsible for your business' financials, including properly reporting and paying your tax liability. It is important to stay informed because you are liable for the information reported in your tax forms, regardless of who prepared your taxes.
The official source of Indiana Tax Law is the Indiana Tax Law page at Business.com
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