Violet Township-Canal Winchester JEDD

AGE EXEMPTION

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.

NET OPERATING LOSS

Beginning with losses incurred in 2017 and thereafter, a net operating loss may be carried forward for 5 years. For taxable years beginning in 2018, 2019, 2020, 2021 and 2022, losses are subject to a 50% phase-in limitation. The amount of net operating loss carry forward that may be utilized in tax years 2018 through 2022 is limited to the lesser of 50% of the carried forward loss or 50% of that year’s income. For taxable years beginning in 2023 and thereafter, a net operating loss is no longer limited to a 50% phase-in limitation and the full loss may be used.

WITHHOLDING FILING FREQUENCY

If withholding amount is $12,000 or more in the previous calendar year or more than $1,000 in any month of the preceding calendar year, file semi-monthly - due the 3rd banking day after the 15th day of the month and the 3rd banking day after the last day of the month. If withholding amount is less than $12,000 but more than $2,399 in the preceding calendar year or less than $1,000 but more than $200 in any month of the preceding calendar quarter, file monthly - due the 15th day of the following month. Employers not required to file semi-monthly or monthly, file quarterly - due the last day of the month following the end of the quarter.