State Income Tax

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Did you get a tax refund this year?

 

Maybe you look forward to getting a tax refund every year. Maybe you pay off some credit cards with it, other times you take a little vacation, do a small home renovation project or make another large purchase.

It’s almost like a savings account, right? Or better, an annual bonus payment!

But then you have this know-it-alI friend at work that says you’re giving the government a free loan. Are they right?

Well, back when savings accounts were paying 5%, your friends had a point.

aghlc.com

Certified Public Accountants say the GOP tax plan will make changes for Louisiana residents and their pocketbooks.

Among the changes, the plan eliminates the ability to deduct state income tax, which is between two and six percent in Louisiana. Brandon Legarde with the Society of Louisiana CPA’s says that one change impacts everyone.