If you are working and earning an income, you are obligated to file an income tax return every financial year. You will also need to secure an Ohio tax ID number if you live in Ohio. This will identify all documents that you submit to the Ohio Department of Taxation. It will also help you to open a bank account in this state.
- Due Dates
If you live in Ohio, you need to be aware of the tax laws before you file your tax returns. You need to read about federal and state tax laws to avoid liabilities and obligations. You should also know the date when your tax returns are due. You are required to pay your taxes every April 15th; however, it can be shifted to another date if it falls on a holiday or a weekend. The next due date for taxes is October 15. Ensure that you already have an Ohio tax ID number to facilitate easy and smooth payments.
- Income Tax
Aside from knowing the due dates to pay your taxes, Ohio residents need to know the income tax laws. You should know how much percentage of your income is taxes to the state. You can check the tax table provided by the IRS or search online for information.
- Tax Forms
Aside from provided with information about the tax table, you also need to know what forms you are required to accomplish. Most people use form IT-1040, which is the Ohio income tax return form for individuals. There are also other forms to provide in your tax return like the IT-4 and W-2, which you’ll get from your employers. If you’re not from Ohio, you need to use a different form.
- Tax Exemptions
People who file their tax returns in Ohio may not be aware of the various exemptions they are qualified for. For those who file tax returns in this state, they get a tax exemption of $1,400. For married couples, they get another exemption of $1,400 provided that the couple will file their tax returns jointly. Students are also unaware that they can possibly get tax exemptions too. So ensure that you already have an Ohio tax ID number before you file tax returns in this state.