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Printable Form Instructions 7004 Shreveport Louisiana: What You Should Know
Individuals can file as a sole practitioner or partnership, a limited liability company, or an S corporation. How do I get a copy of a Louisiana tax return? For any return due in Louisiana you may file it electronically using Louisiana's filing system. Read more about filed returns. In addition to registering for electronic filing in Louisiana, click here for information regarding your options to file paper Louisiana returns. To file electronically, you must have e-Filing account and access a Louisiana e-file account. Get more information one filed returns. What is my obligation to pay Louisiana income or franchise taxes? On a separate schedule the tax required by Louisiana on gross income from Louisiana sources. In addition, the tax required by Louisiana on dividends received from corporations located in Louisiana. What is my obligation to pay all State taxes, taxes beyond Louisiana, or income tax return penalties? You have to pay all State and other Federal Income Tax (except the credit for the federal estate tax exemption or the credit for the earned income tax credit that is available as supplemental income tax credits), plus your Federal income tax obligation (if any) due within 5 years before the due date of the return (except in certain limited circumstances, see the instructions below). See the Instructions for form 5050 to determine if you need to file an extension. For tax-related responsibilities that do not fall under one of the exceptions listed above, see “Exceptions” in the Instructions for Form 5050. I am required to pay income tax on my nonqualified investment dividends. Can I claim a credit against my federal income tax liability for such dividends? No. As long as you do not qualify for a reduction for the value of a qualified investment, you will not be allowed a credit of tax paid (although the tax you pay may be applied against the amount of any state tax paid on the qualified investment, provided you properly exclude from your income qualified dividends from companies or trusts that are treated as such under your state law, which could result in a tax obligation). I am paying income tax directly on a nonqualified investment, such as real estate. Can I get an exception to the requirement to pay taxes on all such investment income? Yes. You must deduct your share of the State income tax paid on the qualifying basis (for example, the tax on profits is not deductible).
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