• Louisiana income taxes are imposed on individuals and businesses.tax forms image by Chad McDermott from Fotolia.com
  
  Louisiana provides for income-taxation of both individuals as well as corporations on a percentage-of-income model. Louisiana's taxing scheme is administered by the Louisiana Department of Revenue.
  
  

Individual Income Taxation

• Louisiana collects annual income tax using three brackets based on income levels. For a head of household, 2 percent taxation applies on the first $12,500 of income, 4% on income between $12,501 and $25,000, and 6% on taxable income beyond $25,001. For income over $50,000, the tax rate is $1,750 plus 6% of the excess over $50,000.
  
  

Corporate Taxation

• All Louisiana corporations must file annual income tax returns, even if the corporation has no reportable net income. If a corporation is unsure whether it needs to file a return, Louisiana Form R-4310 may be used to determine an outstanding liability. Note a corporation must file a Louisiana tax return if incorporated within the state, owning property or assets in the state, or engaged in business within the state.
  
  Generally, corporations are taxed at 4 percent for the first $25,000 of income, 5 percent on the next $25,000, 6 percent on the next $50,000, 7 percent on the next $100,000, and capping out at 8 percent on the excess over $200,000. Corporate taxes are due by April 15th.
  
  

Extensions of Time to File

• Louisiana allows for both individual and corporate extensions for purposes of tax filings. Under state law. the Secretary of State can allow extensions up to 7 months for corporate filings if a request is filed in writing, on or before the tax return's due date. The Secretary of State may allow extensions of up to 6 months for individual filings, if the request is filed in writing on or before the tax return's due date. Note that extensions do not extend the time to pay any taxes, and that failure to make timely payment will result in penalties and interest charges.