What is Acquisition Indebtedness? So, lets start at the beginning. Mortgage interest is tax deductible. The first type of mortgage interest defined under the tax code is called âacquisition indebtednessâ. As you might expect, this includes the cost of borrowing to acquire your home, but also includes debt incurred to build or substantially improve a residence, as long as the debt is secured by the same residence.
Although Limited Partnerships, Limited Liability Companies and General Partnerships formed in the State of Delaware do not file an Annual Report, they are required to pay an annual tax of $250.00 ($300.00 to be made effective July 1, 2014, beginning tax year 2014) .
Delaware corporate income tax returns are due by the 1st day of the 4th month after the end of the tax year (April 1 for calendar year taxpayers). If you cannot file by that date, you can request a state tax extension. A Delaware business extension will give you 6 extra months to file your return, which moves the deadline to October 1. A state tax extension only gives you more time to file, not more time to pay. You are still expected to pay your Delaware tax liability by the original deadline of your return (April 1).