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Ohio State Income Taxes - What You Need to Know
from: www.TaxesExposed.comYou must file your income taxes at the end of every year whether you are living in Buffalo, Florida, California, Texas or Ohio. That is, if you had a job or had an income coming in.
If you are resident in the state of Ohio, there are several things that you must know before you do your income taxes. In fact, everyone should research the state or federal taxes. When it comes to individuals filing their Ohio state income taxes, the most important thing that they should know is the due date. Ohio state income taxes is due on April 15th. However, for federal income taxes it was changed to April 17th in 2007 for Ohio State. Also, anybody that needs an extension can file for one, as well. The due date for all extensions is October 15th.
Amongst having to know the due date, there are several other things that you should know about Ohio state income taxes. Another important factor that everyone should know about is the percentage of taxes that their state is deducting from the salaries. In Ohio, the percentages of taxes that are being held are:
• .681% for the first $5,000 of salary
• 1.361% for income between $5,001-$10,000
• 2.722% for income between $10,001-$15,000
• 3.403% for income between $15,001-$20,000
• 4.083% for income between $20,001-$40,000
• 4.764% for income between $40,001-$80,000
Another item that might help many individuals is what type of form(s) you will need. A lot of people, the form IT-1040 is what they will have to use. IT-1040 is the Ohio individual income tax return. However, if you are a non resident then you will need a different form. While filling out the Ohio state income taxes forms, you might need to know other important information such as the state tax withholding code-which is 39, which exemption form you will need-which is IT-4, as well as having all your W-2's from your employers.
When filing their Ohio state income taxes, most people are not aware of all the different exemptions that they able to get. In fact, everybody that files taxes is allowed a $1,400 tax exemption. If you are married, then you should add an additional $1,400 for your spouse, if you are filing jointly. What several students do not realize, is that they are also able to get a tax deduction/credit as well.
When it is time to file Ohio State income taxes, most people end up taking their taxes to a professional because the professional knows what may and may not be applied to the taxes. They are being paid to make sure everything is correct!
Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about Income Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.
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