Sales tax is one of many distinctive tax systems in Louisiana. A combination of state and local sales taxes make up Louisiana’s sales tax, which varies based on where you are in the state. Louisiana’s statutory sales tax is 4.45%, however when combined with local sales taxes, the overall sales tax rate can reach 11.45%.
So what is subject to Louisiana taxation? The majority of things are the answer. In Louisiana, sales tax is charged on tangible personal items like furniture, gadgets, and apparel. In Louisiana, a lot of services are taxed as well, such as hotel rooms, automobile rentals, and entry to specific events. In Louisiana, there are several items that are free from paying sales tax, including certain medical devices, prescription medications, and foodstuffs.
Now let’s talk about income tax. For the 2021 tax year, the standard deduction for Louisiana taxpayers will be $12,550 for married couples filing jointly, $7,550 for single filers and married couples filing separately, and $9,300 for heads of household.
Louisiana’s income tax rates for the 2020 tax year range from 2% to 6%. The tax rate for single filers is 2% for the first $12,500 of taxable income, 4% for the next $12,501 to $50,000, and 6% for the last $50,000. The tax rate for married couples filing jointly is 2% for the first $25,000 of taxable income, 4% for the next $25,001 in income, and 6% for the last $100,000.
Regarding the filing deadline, the IRS has declared that it has been automatically extended from April 15, 2021, to May 17, 2021, for people submitting federal income taxes for the 2020 tax year. It’s crucial to keep in mind that this extension only pertains to federal income tax returns, and that state tax return due dates may differ.
Did Louisiana extend the tax filing deadline? Yes, in order to coincide with the IRS deadline of May 17, 2021, Louisiana has also delayed its tax deadline for the 2020 tax year. Individual income tax returns, company income tax returns, and franchise tax returns are all covered by this extension.
As a result of the state’s blend of state and local taxes, Louisiana’s sales tax can be a little confusing, although practically everything is subject to taxation there. In Louisiana, the standard deduction for the 2021 tax year has been released, and the income tax rates range from 2% to 6%. The tax filing deadlines for the 2020 tax year have been extended by the IRS and Louisiana to May 17, 2021.
Sadly, there is no mention in the story of whether Louisiana extended the tax deadline for 2021. Only the things covered by Louisiana’s sales tax are discussed.