Blank Indiana State 104 Form

1. What is the Indiana State 104 form?

   The Indiana State 104 form, also known as the Business Tangible Personal Property Return, is a document that businesses in Indiana must file to report their tangible personal property to the local tax assessor. This form is essential for determining the property tax owed by a business based on the assessed value of its personal property.

2. Who needs to file the Indiana State 104 form?

   Any business that owns, holds, possesses, or controls tangible personal property in Indiana is required to file this form. This includes businesses with property located in multiple taxing districts, as separate returns must be filed for each district where property is held.

3. When is the Indiana State 104 form due?

   The form must be filed with the Township Assessor by May 15 of each year. If a business needs more time, it can request a written extension. It's important to adhere to this deadline to avoid penalties.

4. What are the penalties for failing to file the form on time?

   If the form is not filed by the deadline, a penalty of $25 will be imposed. Additionally, if the return is not filed within 30 days after the due date, a penalty equal to 20% of the taxes owed may be added. Businesses must be diligent in meeting their filing obligations to avoid these penalties.

5. What if a business has property in more than one taxing district?

   A business with property in multiple taxing districts must file separate returns for each district. Each return should only cover the property located within that specific district, as different districts may have varying tax rates.

6. What should be included in the form?

   When completing the Indiana State 104 form, businesses must disclose all tangible personal property owned, held, possessed, or controlled as of the assessment date. This includes reporting any improvements made to real estate since the last assessment date. Accurate and complete information is crucial to avoid penalties.

7. What happens if the assessed value reported is incorrect?

   If a business reports an assessed value that is less than what is required by law, and the undervaluation exceeds 5%, a penalty of 20% of the additional taxes owed will be assessed. This emphasizes the importance of accurate reporting.

8. How do businesses file the form if they have multiple locations?

   Businesses operating in more than one township must file a summary form, known as Form 105, with the Department of Local Government Finance by July 15 of the assessment year. This form consolidates the information from all locations and ensures compliance with state regulations.

9. What is the significance of the signature on the form?

   The signature on the Indiana State 104 form certifies that the information provided is true, correct, and complete. This declaration is made under penalties of perjury, highlighting the legal responsibility of the signer to ensure the accuracy of the submitted information.

10. Where can businesses obtain assistance with the Indiana State 104 form?

    Businesses can seek assistance from local assessing officials or the Department of Local Government Finance. Resources and guidance are available to help ensure that the form is completed correctly and filed on time.

Filling out the Indiana State 104 form can be straightforward, but many people make common mistakes that can lead to penalties or delays. One significant error is failing to file the form by the deadline. The form must be submitted to the Township Assessor by May 15 unless an extension is granted. Missing this deadline can result in a $25 penalty, which can escalate if the return is not filed within 30 days of the due date.

Another frequent mistake is not understanding the requirement to file separate returns if property is located in more than one taxing district. Taxpayers must submit individual returns for each district where their property is situated. This ensures that each area’s different tax rates are applied correctly. Ignoring this rule can lead to complications and potential penalties.

Many taxpayers also overlook the need to report improvements made to real estate. If any enhancements were made since March 1 of the previous year, a statement detailing the nature, cost, and completion status of those improvements must be attached. Failure to provide this information can lead to additional penalties, as it is essential for an accurate assessment of the property.

Lastly, some individuals do not complete all sections of the form, which can cause delays and additional penalties. It is crucial to answer all questions and provide complete information regarding the nature and location of the personal property. Incomplete submissions will result in the taxpayer being contacted for further information, and a $25 penalty may be imposed for failure to file a complete return. Taking the time to carefully fill out the form can help avoid these issues.

The Indiana State 104 form is an essential document for reporting business tangible personal property. Several other forms and documents are often used in conjunction with it to ensure compliance with state regulations. Below is a list of these related documents, each serving a specific purpose in the assessment and taxation process.

• Form 105: This summary form is required for taxpayers with property in multiple townships. It must be submitted directly to the Department of Local Government Finance by July 15 of the assessment year.
• Form 102: This form is used for reporting the assessed values of business personal property. It includes detailed schedules for various types of assets, allowing for accurate valuation.
• Form 103: Similar to Form 102, this form is also used to report assessed values. It may be required for specific categories of property or for different reporting circumstances.
• Form 101: This form is used to report recreational property that is not utilized for business purposes. It ensures that all types of property are accounted for in the assessment process.
• Extension Request Form: Taxpayers may use this form to request an extension for filing the 104 form. It must be submitted in writing to the township assessor before the original deadline.
• Property Improvement Statement: If improvements have been made to real estate owned by the taxpayer, a statement detailing the nature, cost, and completion status of these improvements must be attached to the 104 form.

Understanding these additional forms and documents is crucial for ensuring compliance with Indiana's property tax laws. Properly completing and submitting all necessary paperwork can help avoid penalties and ensure accurate property assessments.

The Indiana State Form 104 is a key document for reporting tangible personal property for tax purposes. Several other forms serve similar functions in different contexts. Here’s a list of nine documents that share similarities with the Indiana State 104 form:

• Form 101: This form is used for reporting personal property not used in business, such as recreational vehicles. Like Form 104, it requires accurate reporting of assets for tax assessment.
• Form 102: This document is for reporting business personal property valued at less than $150,000. It serves a similar purpose as Form 104 but is tailored for lower-value assets.
• Form 103: Similar to Form 102, this form is for businesses with personal property valued at $150,000 or more. It requires more detailed reporting, akin to the requirements of Form 104.
• Form 105: Used by taxpayers with property in multiple townships, this summary form consolidates information for filing purposes. It complements Form 104 when a taxpayer has to file in more than one district.
• Form 106: This form is for reporting exempt personal property. Like Form 104, it requires disclosure of property details but focuses on items that qualify for tax exemption.
• Form 107: This document is used to report property owned by a partnership. It has similarities to Form 104 in that it deals with the assessment of personal property, but is specific to partnerships.
• Form 109: This form is for reporting property owned by corporations. It also shares the same objective of accurate property assessment for taxation as Form 104.
• Form 110: This document is for reporting property owned by trusts. Like Form 104, it requires detailed information about assets for tax assessment purposes.
• Form 111: This form is used for reporting property owned by estates. It similarly focuses on ensuring accurate reporting of assets for tax purposes, paralleling the goals of Form 104.

Each of these forms plays a critical role in the property tax system, ensuring that all property is accurately reported and assessed for taxation.

When filling out the Indiana State 104 form, there are important guidelines to follow. Here are four things you should and shouldn't do:

• Do: File the form with the Township Assessor by May 15, unless you have a written extension.
• Do: Ensure that all information is complete and accurate, including the name of the taxpayer and property details.
• Do: File separate returns for property located in different taxing districts within the same township.
• Do: Attach any required statements regarding improvements made to real estate since the last assessment date.

• Don't: Forget to file in duplicate if your total assessed value is $150,000 or more.
• Don't: Leave any questions unanswered on the form; incomplete returns may lead to penalties.
• Don't: Assume that penalties won't apply; late submissions can incur significant fees.
• Don't: Delay filing if you have property in multiple townships; submit a summary form by July 15.

• Misconception 1: The Indiana State 104 form is optional for all businesses.

  This is not true. Filing the Indiana State 104 form is mandatory for businesses that own tangible personal property. Failure to file can result in penalties.

• Misconception 2: Only businesses with high property values need to file.

  Every business that owns tangible personal property must file the form, regardless of the total assessed value. This includes businesses with property valued below $150,000.

• Misconception 3: Filing late has no consequences.

  This is incorrect. Late filings incur penalties. A $25 penalty applies for late submissions, along with potential additional penalties based on the taxes owed.

• Misconception 4: You can file the form anytime during the year.

  The form must be filed by May 15 each year unless an extension is granted in writing. Missing this deadline can lead to penalties.

Filing the Indiana State 104 form is an important process for business owners. Here are key takeaways to keep in mind:

• Deadline for Filing: Submit the form to the Township Assessor by May 15. Extensions can be granted in writing.
• Separate Returns: If your property is located in more than one taxing district, file separate returns for each district. Each district may have different tax rates.
• Duplicate Returns: If the total assessed value of your business personal property is $150,000 or more in a single taxing district, file your return in duplicate.
• Multiple Locations: Taxpayers with properties in multiple townships must file a summary form (Form 105) with the Department of Local Government Finance by July 15.
• Penalties for Late Filing: Failing to file on time can result in a $25 penalty, and additional penalties may apply if the return is not filed within 30 days.
• Complete Disclosure Required: Ensure all information regarding the value and nature of your personal property is accurately reported to avoid penalties.

Understanding these points can help ensure compliance and avoid unnecessary penalties when filing the Indiana State 104 form.