Ohio Tax Speak: Do not Neglect Enterprise Earnings Deduction

Law360 (February 9, 2021, 3:17 p.m. EST) – It’s that special time of year again: the tax season.

When filing income tax, many taxpayers and preparers focus on federal tax deduction options, such as: B. Individual deductions, corporate deductions, and others without taking full advantage of government deductions and incentives.

With tax season, Ohio taxpayers should be aware of one particular deduction that is too often forgotten or misunderstood – the Ohio Business Income Deduction.

The Ohio Business Income Deduction is an Ohio taxpayer special allowance that is used annually and specifically in years …

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