Sunday, November 25, 2012
The Kansas Department of Revenue is posting guidance regarding two provisions of the state income tax law ahead of changes that take effect in January.
Spokeswoman Jeannine Koranda says that the guidance lets accountants, tax attorneys and residents know how the agency will be interpreting inconsistencies within the law. One of the items deals with how the taxpayers will be able to use itemized deductions to reduce their tax liability.
Koranda says the revenue department will ask the 2013 Legislature to make changes to the law to codify the guidance.
The new income tax changes eliminate the individual income tax for about 190,000 qualifying businesses, including limited liability companies and sole proprietorships. In addition, the overall rate for individual taxpayers will decrease effective with their first paycheck in January.