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BY BOB KASARDA
bkasarda@nwitimes.com
219.548.4345 | Wednesday, December 10, 2008 | (9 comment(s))
Homeowners who don't typically itemize their tax deductions may not be worrying too much about news that Porter and Lake counties are not likely to mail out the final property tax bills until early next year.
But that would be a mistake, according to Washington Township resident Michael McCutcheon, who does volunteer tax preparation work for the elderly as part of a program offered by the American Association of Retired Persons.
For the first time, homeowners who opt for the standard deduction on their federal tax forms are allowed to add on property tax deductions of up to $500 for a single person and up to $1,000 for joint filers, he said. The deduction cannot exceed the amount of taxes paid, he said.
The change means that even more taxpayers than first expected have something to lose by the delay of the final county property tax bill. If taxpayers wait until January to pay the balance of their 2008 property taxes, they will not be able to deduct that second payment from this year's taxes.
Treasurers in both counties have suggested that those wishing to take the deduction this year make a payment this month. It is suggested that Porter County residents base the amount of the payment of the first provisional bills that were due in July, while officials at the Lake County treasurer's office are offering to calculate the balances due for anyone showing up at the office.
The option of adding property tax deductions to the standard deduction has only been approved for the 2008 and 2009 tax years, said Jodie Reynolds, media relations person for the Internal Revenue Services in Indiana.
She could not explain why the deduction is offered for just two years. But she said short term arrangements like that are not uncommon and often are extended for longer periods of time.
The continued delay in the Porter County tax bills was announced Friday by county officials and their consultants, who placed blame on Hamer Enterprises, from which the county purchased new tax software for the auditor and treasurer's office.
The new software is not yet ready to be put into service and use of the old system would pose as many problems, said tax consultant Beth Henkel.
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Laporte Co. taxpayer wrote on Dec 10, 2008 4:24 PM:
taxpayer wrote on Dec 10, 2008 4:21 PM:
I dont get it wrote on Dec 10, 2008 3:51 PM:
To tax payer wrote on Dec 10, 2008 3:34 PM:
This will never run smooth! "
it must be wrote on Dec 10, 2008 3:17 PM:
To Upset Taxpayer wrote on Dec 10, 2008 2:45 PM:
Me wrote on Dec 10, 2008 1:52 PM:
Tax Payer wrote on Dec 10, 2008 1:43 PM:
Upset Taxpayer wrote on Dec 10, 2008 12:20 PM: