COLUMBUS, Ohio (AP) — The state tax commissioner is
reminding Ohio small-business owners that they may be eligible for a
recently enacted tax deduction.
In an alert issued Tuesday,
Commissioner Joe Testa urged taxpayers to visit the Ohio Department of
Taxation website to learn whether they’re eligible and how to file for a
50-percent write-off on their first $250,000 in business income from
2013.
Testa says a majority of small businesses and
entrepreneurships structured as pass-through entities will be eligible
for the deduction. It was enacted last year as part of a package of
state tax changes included in Ohio’s two-year state budget.
The value of the deduction is capped at $125,000 of adjusted gross income reported on an Ohio personal
income tax return.
___
Online:
Ohio Department of Taxation: http://www.tax.ohio.gov
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
COLUMBUS, Ohio (AP) — The state tax commissioner is
reminding Ohio small-business owners that they may be eligible for a
recently enacted tax deduction.
In an alert issued Tuesday,
Commissioner Joe Testa urged taxpayers to visit the Ohio Department of
Taxation website to learn whether they’re eligible and how to file for a
50-percent write-off on their first $250,000 in business income from
2013.
Testa says a majority of small businesses and
entrepreneurships structured as pass-through entities will be eligible
for the deduction. It was enacted last year as part of a package of
state tax changes included in Ohio’s two-year state budget.
The value of the deduction is capped at $125,000 of adjusted gross income reported on an Ohio personal
income tax return.
___
Online:
Ohio Department of Taxation: http://www.tax.ohio.gov
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.