Timely updates: We stay up-to-date with regulatory changes, such as the new tax exemption for first-time qualifying children introduced early this month. We help you adjust your payroll and withholding processes to accommodate the changing tax rates. Expertise in tax compliance:Our experts have a deep understanding of tax regulations and can ensure that your business complies with the latest tax laws.The following is how we can help your business: This is where a professional employer organization (PEO) like GMS can play a pivotal role in helping your business navigate these tax changes effectively. While some areas will see tax rate decreases, others will experience slight increases, which can impact your employees and your bottom line. Navigating These Changes With A PEOĪs October 1st, 2023, approaches, Indiana businesses need to be proactive in understanding and implementing these county income tax rates affecting residents and non-residents working within these counties. It’s crucial for eligible families to explore the details of this exemption to ensure they can take full advantage of its benefits. It aligns with Indiana’s commitment to family support and financial well-being. This exemption aims to provide relief to growing families. New Tax Exemption For First-Time Qualifying ChildrenĪside from the county income tax rate changes, the Indiana DOR has introduced a noteworthy tax exemption for first-time qualifying children that went into effect on September 15th, 2023. This increase, while small, can contribute to various local initiatives aimed at improving the quality of life in the county. Vanderburgh County: The income tax rate has risen from 0.012 to 0.0125.While the change is modest, it may impact individuals in the long run. Henry County:The income tax rate in Henry County has increased slightly, from 0.017 to 0.018.Dearborn County: Dearborn County has also seen an increase in its income tax rate from 0.012 to 0.014.This change may require residents and non-residents working or residing in Clinton County to review their tax planning strategies. Clinton County: The income tax rate has increased from 0.0245 to 0.0265.This reduction may provide relief to taxpayers in the county. Adams County: The income tax rate has decreased from 0.01624 to 0.016.Tax rates have been changed in the following Indiana counties: These revisions aim to balance the fiscal needs of the local governments and maintain a favorable tax environment for residents and workers. One of the most impactful changes introduced by the Indiana DOR pertains to the income tax rates in certain counties. Continue reading to dive into the details of these changes and the income tax rate adjustments in five Indiana counties. These changes affect residents and non-residents working in specific Indiana counties. Effective October 1st, 2023, the Indiana Department of Revenue (DOR) has made significant revisions to Departmental Notice No.1, How to Compute Withholding for State and County Income Tax. Change is a constant in the world of taxation, and Indiana is no exception.
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