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Toledo Ohio Form 12153: What You Should Know

If you wish to use Ohio Corporation Tax Form 1120 for your taxable return for municipal businesses. Ohio corporate income tax is a gross receipts tax on wages and profit that is not included in other state gross receipts taxes other than Ohio, and is collected by the Ohio Department of Revenue. A tax on compensation paid to an individual. When the compensation paid by the taxpayer is derived from one or more corporations, all dividends and other income received by the taxpayer may be subject to this tax.   Ohio corporation tax is imposed as a franchise tax on the taxable property of each corporation and the property of each subsidiary of each corporation (the property of each corporation includes any property subject to the Ohio Corporation Franchise Tax). Each such taxpayer owns the property of another corporation solely as the taxpayer's asset, and so when a corporation pays wages to the taxpayer, the compensation paid is not included in gross receipts of the taxpayer. In that case, the property will be included in the taxpayer's share of the gross receipts of the person for whom paid. Note that you do not have to file Form 1120 for municipal income tax purposes, and you do not have to file a separate Ohio income tax return for Ohio municipal taxes. You may use the online service of the Ohio Department of Revenue, which is available 24 hours. They offer online services that are not available to you at the municipal level. You can start a small business in any Ohio county at . You can find details on how this tax works on the Ohio Department of Revenue website. If you are a corporation resident in the State of Ohio, and you are paying taxes in Ohio, you may also find the Ohio Department of Revenue website helpful in your search for information on how to calculate the Ohio corporate income tax that you may be responsible for paying at the municipal level. You are required to calculate on the internet with Ohio Department of Revenue web tool () for you, then pay the taxes that you owe with e-bills. The Ohio Tax Commissioner provides this online resource for state taxes on the Internet. We recommend you print it out and take it with you so you can take these state online taxes with you to the municipal level.

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