INTERNET MARKETING

 

 
INTERNET MARKETING

EU Propose New Copyright Laws (Nov 2018)

CA New Privacy Laws (Nov 2018)

CA Businesses Required Female Board Members (Nov 2018)

Take Advantage Of Big Data To Boost Customer Satisfaction, Read These 4 Tips

PayPal and American Express Give Your Customers More Payment Options

How to Hire the People You Need--Fast

 States With No Corporate Income Tax Rate
Nevada
South Dakota
Texas
Washington
Wyoming 
Key Economic Indicators 
Item  Rate 
CPI: 0.3% (Oct 2018) 
GDP Growth:   3.5% (3rd QTR 2018)
Bank Prime Interest Rate:   5.25%
Consumer Confidence:  137.9% (Oct 2018) 
Small Biz Confidence:  107.4% (Oct 2018) 
Avg Gas Price:  $2.46 
 
 
 
 
 

 

 

 

 

 

 

 

SMALL BUSINESS NEWS

13 Feb 2017

 

Email this page    

 

Income Tax Reduction for Ohio Enterprises

Changes to the Ohio income tax law will give Ohio entrepreneurs a big tax reduction.

Ohio entrepreneurs will see a 6.3 percent tax reduction across all brackets.  The new top marginal rate now stand at  4.997 percent. The new rates are retroactive to January 1, 2015.

Small business owners, including investors in pass-through entities, experience a decline in the tax burden through an increase in the benefit of the small business deduction. For 2015, the deduction is 75 percent of Ohio apportioned business income up to $250,000.

The 2016 deduction is 100 percent of Ohio apportioned business income up to $250,000. Moreover, the excess Ohio business income is subject to only a 3.0 percent flat tax rate.

Owners of and investors in businesses structured as sole proprietorships and pass-through entities (PTEs) qualify for this tax deduction. PTEs include: partnerships, Subchapter S corporations (S-corps) and Limited Liability Companies (LLCs).

Income generated by the business and passed through to the owners/investors is subject to personal income tax.

 

Sources:
Ohio Department of Taxation
Business Income Deduction FAQ


By Wendy Stewart

 

 

 

 

 

 

 

 

 

 
 

 

  
 

SBZ Home

News Home

Extra News Home

  

  

     

                  Report broken links               Contact us              About us           Become a Contributor to this site            Link Exchange 

2012-2015 The Small Business Zone, Inc.  All rights reserved.