-Indiana has a State Tax Credit for contributions to 529 plans, up to $1,000
-Indiana has a homestead property tax exemption
The state of Indiana does have individual income tax. Unlike most states with income tax, it is calculated as a flat percentage of 3.23% of the Federal adjusted gross margin (AGI) for 2020 (this does not include additional local income taxes that may be imposed by cities in Indiana).
The state of Indiana has a flat Corporate Tax rate of 5.25% as of July 1st 2020. For other business entities that are flow-thru entities, such as S Corporations, Partnerships, LLCs, etc., they are taxed the individual income tax rate of 3.23%
Unlike many other states Indiana has a single sales tax rate, at the state level. The state rate is 7.00%
Unemployment taxes usually consist of three factors. They are the wage base, range of rates, number of schedules. Below is an outline of the three:
Indiana is one of the more inexpensive places to open an LLC in the country. Here are some important facts: