Easy Ways to File Taxes
How to File Your Taxes - Personal Information step 1 of 10
Louisiana offers a fairly simple process for requesting a state tax extension. You are not required to file a federal extension in order to receive a state extension in Louisiana. You are also not required to have a state-approved reason for requesting your extension, but you do have to make your request before the May 15 filing deadline.http://www.revenue.louisiana.gov/sections/individual/indincome.aspx
While your return will not be due until November 15, 2011, you will have to remit payment of any additional taxes you owe by the initial filing deadline of May 15. Any unpaid taxes left outstanding after that date will accrue a late payment penalty as well as interest that will be compounded monthly until the balance is paid in full.http://rev.louisiana.gov/forms/taxforms/2868(1_11)F.pdf
Step 1: Assemble Your Essential Tax Documents
Your first step to getting a Louisiana tax extension is to collect all of the information you will need to complete your return. This will include the following:
- The total amount of your earned income for the year - If you are employed, this will appear on your Form W-2 or Form 1099 as total taxable wages. If you are self-employed or an independent contractor, add up your gross earnings and then subtract your qualified business expenses.
- The total amount of your unearned income for the year that is also subject to state tax - The forms of income that are included here will vary from state to state, but usually unemployment compensation, lottery winnings, and retirement distributions are included.
- The amount of state income taxes you have already paid - For employees, this will be on Form W-2 as state taxes withheld. Self-employed individuals will use the total of any estimated tax payments made.
- A copy of your completed federal income tax return, if you will be filing one at this timehttp://rev.louisiana.gov/forms/taxforms/IT540WEB(2010)F.pdf
If you will be filing a federal return, complete that before you begin this process. You will need to use the amount of your federal adjusted gross income as the starting point for assessing your state tax liability. If you are also filing a federal tax extension, you can simply use your total income.http://www.irs.gov/pub/irs-pdf/f1040.pdf
To complete the extension request, you will also need all of the following:
- Your full name and Social Security number
- Your complete mailing address
- The full name and Social Security number of your spouse, if you will eventually file a joint tax return
- The date you would like your filing deadline extended tohttp://www.irs.gov/pub/irs-pdf/f1040.pdf
Step 2: Calculate Your State Tax Liability
To figure your state tax liability, you will need a paper copy of Form IT-540 "Louisiana Resident Individual Income Tax Return" as well as the tax form instruction booklet. You can download these from the Louisiana Department of Revenue website or you can generally find these at your local library.http://rev.louisiana.gov/forms/taxforms/IT540(2010).%20INST.pdf
You should always read the tax instruction booklet carefully before you start completing the return. The booklet will describe income adjustments that you may need to make and state tax credits you may be eligible to deduct. If any part of the form seems confusing, stop and consult the instructions for a full explanation.http://rev.louisiana.gov/forms/taxforms/IT540WEB(2010)F.pdf
Begin the form by entering the amount of your federal adjusted gross income from IRS Form 1040 on line 7. Then enter the amount of your federal standard or itemized deductions and the amount of your federal income tax. Subtract these to arrive at your Louisiana taxable income on line 10. Consult the tax table to assess the amount of state tax that is due on your income. Enter this amount on line 11.http://rev.louisiana.gov/forms/taxforms/IT540WEB(2010)F.pdf
Deduct any state tax credits you are qualified to claim and add in state use tax if you are subject to it. This will give you your total tax liability. Then subtract the state income tax payments you have already made through withholding or estimated payments. What is left will be either the amount you overpaid (refund) or the total that you underpaid (balance due).http://rev.louisiana.gov/forms/taxforms/IT540WEB(2010)F.pdf
Step 3: Complete an Extension Request and File It
Once you have finished assessing your tax result, you can complete the written request for your state tax extension. The form you will need to fill out is entitled Form R-2868 "Application for Extension of Time to File Louisiana Individual Income Tax". This form is also available for download from the Louisiana Department of Revenue website.http://rev.louisiana.gov/forms/taxforms/2868(1_11)F.pdf
Complete the form by entering the amount of your state tax liability from line 16 of your Louisiana return on line 1 of your extension request. Then enter the amount of your total tax withheld on line 2 and any estimated payments or credit from previous years on line 3. Add lines 2 and 3 together and write the result on line 4. Subtract line 4 from line 1 to arrive at your total tax due on line 5. If you are due a refund, simply enter zero for the result. Keep this completed form for your tax records.http://rev.louisiana.gov/forms/taxforms/2868(1_11)F.pdf
If you are making a payment, complete the voucher at the bottom of the form by entering your full name and Social Security number as well as your spouse's if applicable. Write in your current mailing address and the amount of tax you are paying with the voucher. Then detach the voucher and send it with a check or money order for your balance to the address listed on the form. Be sure to submit both by May 15.http://rev.louisiana.gov/forms/taxforms/2868(1_11)F.pdf
