COLUMBUS - Ohio opened the door today to welcome taxpayers wanting to file their 2015 state income tax return. The IRS also began accepting returns today.
Tax Commissioner Joe Testa said today that this year’s income tax filing process will introduce Ohio taxpayers to a number of changes designed to lower tax rates, simplify the filing process and further reduce tax fraud.
Changes this year include:
- Tax cuts for individuals of 6.3% pushing rates lower than they’ve been in 30 years
- Small business tax cuts through the new Business Income Deduction which allows a 75 percent deduction on the first $250,000 of business income, and modified tax rates on any remaining taxable income with a maximum rate of three percent
-Tax forms changed; combined into ‘universal’ forms (both individual and school district income tax forms)
- An income cap for certain retirement tax credits
- Additional requirements for verifying dependents to guard against tax fraud
- Improvements to the ID Confirmation Quiz that will make it more user friendly and reduce the number of people directed to take the quiz to verify that their return is authentic.
For additional information on these and other changes, please visit the department’s web site – tax.ohio.gov
You don't have permmission to comment, or comments have been turned off for this article.