2106 BUSINESS EXPENSES
For Tax Year 2018, the unreimbursed employee expense (2106) deduction has been eliminated for federal income tax purposes for most employees. For Tax Year 2017 and prior, 2106 Business Expenses are limited to the amount deductible for federal tax purposes.
A nonrefundable credit equal to 100% of the tax due on the first $3,000 of income is available to residents of the City who are over 18 years of age and are attending an accredited high school, college, trade school or university with classes of at least 12 credit hours per quarter.
Individuals under 18 years of age are exempt from paying municipal income tax.
BALANCE DUE/OVERPAYMENT INFORMATION
Amounts under $10.01 will not be collected or refunded. The $10.01 de minimis threshold does not apply to amounts required to be withheld by employers.
ESTIMATED PAYMENT REQUIREMENTS
Quarterly payments of estimated tax are required if the anticipated amount due is $200 or more.
Lottery and gambling winnings are taxable - no minimum. Gambling losses may not offset gambling winnings unless the taxpayer is a professional gambler per IRS regulations.
NET OPERATING LOSS
Beginning with losses incurred in 2017, a net operating loss may be carried forward for 5 years. For losses incurred in tax years 2017, 2018, 2019, 2020 and 2021, only 50% of the carried forward loss may be deducted in each subsequent year. For pre-2017 losses see Special Notes For Tax Years 2015 and Prior.
The Ohio S-Corp distributive shares are taxable and should be reported on Form 37.
WITHHOLDING FILING FREQUENCY
If withholding amount is $2,400 or more in the immediately preceding calendar year or more than $200 in any one month of the preceding calendar quarter, file monthly - due date is the 15th day of the following month. All employers not required to file monthly, file quarterly - due date is the last day of the month following the end of the quarter.