Filing Tax Returns In Ohio – 4 Facts For Ohio Residents

January 25, 2010 – 2:55 am

If you are working and have an income, you are obliged to file your income tax returns every financial year. This is irrespective of whether you are residing in Florida, Texas, Wisconsin, or Ohio.
1. Due Dates
If you live in Ohio, you should know a number of things about tax law before you file your taxes. Reading about federal or state tax laws is mandatory. Most importantly, you should know the date on which your tax returns are due. You are required to pay your taxes by April 15. However, this could be shifted as per the tax law if it coincides with a weekend or a holiday. People who are unable to pay their taxes on April 15 may apply for a grace period of time. The second due date to pay your taxes is October 15.
2. Income Tax
In addition to knowing the due date to pay taxes, a resident of Ohio has to know about the income tax laws of that state. You should know how much percentage of your income goes as tax to the state. The tax percentages in Ohio are as follows:
.681 percent for an income of $5,000
1.361 percent for an income of $5,001-$10,000
2.722 percent for an income of $10,001-$15,000
3.403 percent for an income of $15,001-$20,000
4.083 percent for income of $20,001-$40,000
4.764 percent for income of $40,001-$80,000
3. Tax Forms
In addition to the above information, you also have to know the types of forms you will require. Most people have to use form IT-1040, which is the Ohio income tax return form for individuals. If you are not a resident of Ohio, you have to use a different form.
When you are filing your tax returns in Ohio, you will also have to know about the state tax withholding code, which is 39; the type of exemption form you will require, which is IT-4; and also your W-2s, which you will get from your employers.
4. Tax Exemptions
People who are filing tax returns in Ohio are usually not aware of the different exemptions they are eligible for. All those who file tax returns are permitted a tax exemption of $1400. Married couples get an additional exemption of $1400, provided that you and your spouse are filing for tax returns jointly. Many students are not aware that they can get a tax exemption or credit too.
Due to their lack of knowledge about so many aspects of the tax laws, many people hire the services of a tax professional. The professional ensures that the tax returns are filed accurately and that all the tax deductions are taken into consideration. Of course, this means that you have to spend quite a bit of money to pay for their services.

Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website http://www.Taxes-Guru.com/777/index.htm . Only limited Free Copies available.

Beat Your Debt Today!