According to the old adage, there are only two constants in our world today – death and taxes. The same rules apply to the residents of Ohio.
This article presents a few of the basic things you need to know about the state’s tax laws. Keep reading if you want to find out more about Ohio tax laws.
Basics of Ohio Income Tax
As you may well know, all states including Ohio, charge residents a personal income tax. Keep in mind that this is levied on top of the income taxes that the federal government also collects. The revenue collected from the personal income taxes of Ohio residents are, in turn, used to fund vital public goods and services. Chief among these would be the K-12 public education, roads, state hospitals and community health centers as well as the roads, parks and even the state prisons just to name a few.
Of course, the state of Ohio provides residents with a free option for filing taxes online. However, in order to make it easier for our readers, we shall be breaking down a couple of important things you need to know.
For instance, it would serve you well to know that the state of Ohio requires all of its residents to finish filing their taxes by the 15th of April. This is the general rule for every year. Take note that this date is also the same as the deadline for filing federal tax returns. Always mark this date on your calendar to ensure that you do not forget about it.
You should also remember that you are still required to file taxes with the state’s Department of Taxation even if you are not earning enough income to be charged for income taxes. This is because Ohio collects taxes for all forms of income generated within the state. This means the tips you get, the wages you earn, even your casino winnings and lottery prizes are all covered by the Ohio tax laws. The same rules also apply from any income generated from an Ohio sole-proprietorship, an Ohio property, and even income from an entity that is simply passing though Ohio.
It should also be noted that same-sex marriage is still not recognized in the state of Ohio. So, same-sex couples married in other states or jurisdictions are required to file taxes separately in this particular state. This is despite the fact that the federal government allows them to file jointly in areas where same-sex marriage is legal.
Finding a Tax Lawyer
Tax laws are always in a state of flux, it could be hard to keep up, and that is why you should consider hiring a tax lawyer to file your taxes for you. It is certainly a better alternative to doing them yourself. Just make sure that you find the right one, with ample experience and unquestionable reputation. After all, tax problems could lead to major headaches down the road.
Paying your taxes is one of the things we simply cannot avoid. The article above presented a few things to remember about the tax laws in the state of Ohio.