Chances are you pay income taxes to
the state that you reside in. For individual taxpayers and businesses in the
state of Ohio, there's good
On June 30th, 2015,
Governor John Kasich signed into law, the Biennial
Budget Bill. So how exactly does this bill affect you?
If you are just an individual
taxpayer, the bill reduces the personal income
tax rates 6.3 percent for all tax brackets. This means the new
top marginal bracket for individuals is 4.997 percent.
Attention shoppers: if you're a fan of shopping, you will be happy to know the state
sales tax rate was not increased. It still remains at the current rate of 5.75
If you own an S Corporation,
partnership, limited liability or a sole proprietorship in Ohio, there's even better news for you.For fiscal year 2015, you will be able to deduct 75 percent of your Ohio
apportioned business income up to $250,000. Also beginning in 2015, the excess
business income will be subject to a three percent flat
tax. The tax will be effective for 2015 and going forward.
As a business owner, you should also be aware there are two tax credits that
may now be able to save your company taxes since the law has changed
the calculation. These credits are the Jobs Creation Tax Credit and the Jobs
Retention Tax Credit.
For those who file the CAT tax, there's good news for
you as well since the CAT tax rate was not increased
due to the law.
If you have any questions in regards
to the bill and how it will affect you, contact your