News about Ohio’s small business and personal income tax deductions have been updated and are found at the Ohio’s department of taxation website. If you are not sure what deductions to take or your business is allowed to take you must contact your tax advisor for information about it to make sure that you have indeed all correct information. For more news about Ohio follow the links below.
Kasich Plans Small-Business Swing To 3 Ohio Cities
HAMILTON, Ohio – Ohio’s governor will focus on small businesses in a swing through three western Ohio cities.
Gov. John Kasich has Tuesday stops in Hamilton, the Dayton area and Tipp City. The Republican is seeking re-election this November. He will begin the day at Hamilton Caster, a business that makes casters, industrial wheels and other products and dates back more than a century in the Butler County seat.
Democratic Cuyahoga County Executive Ed FitzGerald is challenging Kasich this fall.
Ohio ~ Personal Income Tax: Small Business Deduction Discussed
The Ohio Department of Taxation (DOT) has updated its web page dedicated to the small business personal income tax deduction. The DOT notes that virtually all small businesses in Ohio are now eligible for a 50% tax deduction on the first $250,000 of business income.
The DOT reminds taxpayers that the small business deduction enables a business owner to deduct 50% of Ohio net business income from the adjusted gross income they report on their Ohio personal income tax return. If the business has multiple owners, each is eligible to claim the deduction. The 50% deduction is available on up to $250,000 in business income, meaning the deduction is capped at $125,000 for each investor or owner.
For taxable year 2014 only, the small business investor income deduction will increase to 75% of a taxpayer’s small business income of up to $250,000. The deduction will be limited to $187,500 for individuals with a filing status of married filing jointly or single. For individuals with a filing status of married filing separately, $125,000 is the maximum income subject to deduction which allows for a deduction of up to $93,750. The DOT notes that at this time, the temporary increase in this income tax deduction is authorized for tax year 2014 only.
Ohio’s candidates for governor cite favorite statistics on economy
Go to any speech by Ohio Gov. John Kasich and you are guaranteed to hear how the state has gained 250,000 private-sector jobs since he became governor, compared with the 350,000 lost under his Democratic predecessor.
Democrats will point out that job growth began during the final part of Gov. Ted Strickland’s term: Ohio’s national ranking was better in the Democrat’s last year than in Kasich’s past year.
Both contentions are true. That’s the challenge of comparing economic plans: Since both sides know that employment is easily the top issue among Ohio voters, the political handlers furiously churn out a whirlwind of statistics to make the case for their guy.
