State of Alabama Tax Questions
For the 2010 tax season, the state of Alabama processed nearly 2 million income tax returns and issued more than 1 million refunds to residents. In addition to income tax, residents also pay sales tax, tobacco tax and property tax. Businesses in the state pay corporate business taxes. The Department of Revenue oversees the administration and collection of each of these taxes.
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What Options Exist For Paying Alabama Income Tax?
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Taxpayers must pay any income tax owed by April 15 each year. The taxpayer can mail her payment with her income tax return, pay her tax bill through an ACH debit from her bank account and e-file her return or pay by e-check or credit card online. If the taxpayer files the income tax return after April 15, she must still submit anticipated income taxes to the state by April 15. Several options exist for making tax payments. The taxpayer can mail form 40V, a payment voucher, to the Alabama Department of Revenue with a check or money order for the anticipated tax liability.
What Is The Alabama Business Privilege Tax?
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The Department of Revenue taxes businesses organized in Alabama or transacting business in Alabama with the Alabama Business Privilege Tax. The tax is due annually from every corporation, limited liability company or disregarded entity selling products or services in Alabama. The tax rate ranges from $.25 to $1.75 per thousand dollars of taxable income and increases with the income of the taxpayer.
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How Does an Alabama Taxpayer File an Extension?
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The deadline for filing an Alabama state income tax return is April 15. Individuals unable to file their income tax return by the deadline do not need to file an extension. The Department of Revenue automatically extends the deadline to October 15 for taxpayers who have not filed by April 15. The extension eliminates late filing penalties. However it does not eliminate tax liability or interest accrued on tax payments received after April 15.
Who Is Required To File Form ET-1?
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Form ET-1 refers to the Financial Institution Excise Tax return. Individuals and businesses operating as a bank, loan company or financial institution must file form ET-1. Financial institutions operating without a physical presence and conducting financial transactions through the use of credit cards must file form ET-1. People serving as financial representatives for individuals are not required to file form ET-1.
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Comments
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When does alabama pay me!!! i would have a deadline so should u!@!
