Whether you are living in Wisconsin, Florida, California, Texas or Ohio, you still have to file your income taxes at the end of each year; that is if you worked or had an income coming in.
If you are resident in the state of Ohio, there are many things that you should know before you do your income taxes. In fact, all people should read up on the state or federal taxes. When it comes to people filing their Ohio state income taxes, the most important thing that they should know is the due date. The due date to have Ohio state income taxes done is April 15th; however, for federal income taxes it was changed to April 17th in 2007 for Ohio State. Also, any people that are in need of an extension may file for one, as well. The due date for extensions is October 15th.
Amongst having to know the due date, there are many other things that a person should know about Ohio state income taxes. Another important factor that many should know about is the percentage of taxes that their state is taking from the salaries. In Ohio, the percentages of taxes that are being held are:
.681% for the first $5,000 of income
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 may help many people is what type of form(s) you will need. For most 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 would need a different form. While filling out the Ohio state income taxes forms, you may 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, may 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 add an additional $1,400 for your spouse, f you are filing jointly. What many 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, many people end up taking their taxes to a professional because the professional knows what can and cannot be applied to the taxes. They are being paid to make sure everything is kosher!
