Ohio tax 2b

• S-Corp, partnership or LLC treated as partnership or s corp for fed purposes
• does business in Ohio or have nexus with Ohio subject to tax

• income for Ohio gives Ohio taxable income
• times tax rate (.0624)
• minus PTE credit
• gives tax after credits

similar to form W-2 in that it is a form filled out of the amount of tax that has been withheld

• sole proprietor
• partnership - LP and LLP as well as general
• corporation
• s- corp
• LLC
• business trust

• provides electronic means of registering as taxpayer and filing returns for CAT, sales tax, employer withholding, unemployment compensation premiums & municipal income taxes, also will accept apps for vendor's licenses & electronic payment of taxes due
• designed to make life easier for Ohio business owners

• not deductible for municipal - capital losses & 1231 losses, 5% of intangible income, taxes based on income, guaranteed payments to partners, charitable contributions deducted above corp limits, qualified retirement, health & life insurance plans paid on behalf of owners/owner employees, adj for specially allocated expenses
• not taxable - capital and 1231 gains, interest earned or accrued, dividends, income from intangible sources

income tax paid to cities and villages in Ohio

everyone in the city limit on wages, salaries, commissions, and other compensation of residents and workers in city, net profits due to activities with municipality

associations, corporations, estates, trusts, grantor trusts that derive income or losses in Ohio

up to 1% without voter approval

• what - tax on privilege of doing business in Ohio
• who - corporation for profit, own capital or property, hold charger or certification of compliance or have nexus with Ohio

• all real property owners who are not exempt
• taxable value is 35% of true value except land devoted to agricultural use
• 1/2 due by Jan. 31 and rest due June 20

• for people that are 65+ years of age, permanently & totally disabled, or surviving spouse of someone who received exemption at at least 59
• there is a grandfather clause to protect homeowners that had homestead but older version is better for them
• receives credit of 25,000 off of property value

Gross estate less marital deduction, funeral expenses and cost of administering the estate, outstanding and unpaid claims against the estate at time of death, unpaid mortgage or other debt in gross estate valuation and charitable contributions

• tax on beer, mixed beverages, wine and cider at different rates
• exemption for clergy for sacramental wine and sale made to federal government, taxpayer making sales of alcoholic beverages for resale out of ohio, licensed Ohio brewer who does not produce more than 31 million gallons in a calendar year, licensed wine producer that produces less than 500,000 gallons in calendar year
• paid by manufacturers, importers and wholesale distributors who sell and distribute in and to Ohio

• paid by wholesale dealers, persons who have in their possession on which has not been paid, and distributors
• department of taxation administers and collects both state tax and permissive taxes
• stamps are purchased by wholesale dealers from treasurer of state

• paid by dealers who distribute fuel in Ohio
• applies to gallons of gasoline, diesel fuel and special fuels
• exemption is purchasers who do not use fuel to operate vehicle on highway or waterway (receive refund of tax paid), local transit authority, (pays only 1 cent per gallon) school districts, joint vocational schools and educational service centers (receives refund of tax over 22 cents per gallon)

• both are tax on doing privilege of doing business in Ohio, measured by gross receipts
• public utilities tax is on utilities that are natural gas, heating, pipeline, telegraph, water transportation & water works companies and do not pay CAT