GENERAL INSTRUCTIONS FOR 2015 BUSINESS RETURNS * TECUMSEH JEDD (Xenia Township City of Xenia JEDD 01)

Transcription

1 GENERAL INSTRUCTIONS FOR 2015 BUSINESS RETURNS * (Xenia Township City of Xenia JEDD 01) WHO MUST FILE: IT IS MANDATORY THAT YOU FILE THIS RETURN, EVEN IF NO TAX IS DUE. EVERY BUSINESS ENTITY that conducts business within the designated JEDD district or with the Tecumseh Elementary School located at 1058 Old Springfield Pike in Xenia Township, OH. ALL PASS THROUGH ENTITIES (any class of entity the income or profits from which are given pass-through treatment under the Internal Revenue Code) shall be taxed at the hands of the entity, not the hands of the owners of the entity. WHEN TO FILE: Businesses that end their taxable year on December 31 must file their return on or before April 18, Fiscal year businesses must file by the 15 th day of the fourth month following the end of the fiscal year. REQUEST FOR EXTENSION OF TIME TO FILE: An extension may be granted upon filing a request and paying the anticipated tax owed. Extension requests for calendar year businesses must be filed by April 18, Fiscal year businesses must file extension requests by the 15 th day of the fourth month following the end of the fiscal year. The Tecumseh JEDD does not receive federal extensions. The request must be mailed by the due date of the return. An extension request that is granted is for an extension of time to file and not an extension to pay. WHERE TO FILE: The return is to be filed with: Tecumseh JEDD C/O City of Xenia Division of Income Tax 101 N. Detroit Street P O Box 490 Xenia, OH *This is a basic overview and does not replace or supersede the Xenia City Income Tax Rules and Regulations which are available at our website The is administered by and follows the City of Xenia Income Tax Rules and Regulations ESTIMATED TAX PAYMENTS: Every company that anticipates any taxable income subject to Tecumseh JEDD taxation and such income results in tax due shall file a declaration and pay estimated tax. The tax year 2016 payments for calendar year end filers are due on April 15, June 15, September 15, and December 15. Estimated payments for fiscal year businesses are due on the 15 th day of the fourth, sixth, ninth and twelfth months after the beginning of the taxable year. Estimated tax forms for the 2016 tax year are included with this return. A declaration and payment of estimated tax which is less than 90% of the tax shown on the final return or 100% of the previous year s tax shall not be considered in good faith and the difference shall be subject to penalties and interest. THE IS ADMINISTERED BY AND FOLLOWS THE INCOME TAX RULES OF THE CITY OF XENIA. A COPY OF THE XENIA INCOME TAX RULES AND REGULATIONS IS AVAILABLE AT OUR WEBSITE CONTACT INFORMATION: Phone: (937) Fax: (937) Hours: 9 to 5 (Eastern Standard Time), M-F SECURE link available on our website PAYMENT INFORMATION: Checks should be made payable to the City of Xenia Cash accepted at the Utility Billing window Mastercard/VISA/Discover accepted in person only (no phone or Internet processing) at the Utility Billing window REMINDER: The Tecumseh JEDD/City of Xenia DOES NOT receive copies of the Federal Extension requests. To request an extension from the Tecumseh JEDD/City of Xenia, you may submit the request via: Send via the SECURE link on the Tax Division webpage ( Mail to Tecumseh JEDD, C/O City of Xenia Tax Division,, Xenia, OH Fax to Tecumseh JEDD, C/O City of Xenia Tax Division at Hand deliver to City of Xenia Tax Division, 101 N. Detroit Street, Xenia, OH An extension to file is not an extension to pay. Estimated tax liability should be paid when the extension request is submitted to avoid additional penalties and/or interest. For additional information, please visit our website at or contact the City of Xenia Income Tax Division at. Page 1 of 1

2 2015 SOLE PROPRIETOR INCOME TAX RETURN 2015 C/O City of Xenia Income Tax Division, 101 North Detroit Street, P.O. Box 490, Xenia, OH DUE ON OR BEFORE APRIL 18, 2016 FORM TECJEDD R LATE FILING OF THIS RETURN SUBJECTS YOU TO INTEREST AND A MINIMUM $25.00 PENALTY For Assistance Call or visit our website Make checks payable to City of Xenia PRINT YOUR NAME and CURRENT ADDRESS: If your physical address and mailing address are different, please list both and indicate which address is the mailing address. TAXPAYER SSN: SPOUSE SSN: PHONE NUMBER: NATURE OF BUSINESS: BUSINESS CONTACT NAME: BUSINESS PHONE NUMBER: DID YOU FILE A XENIA INCOME TAX RETURN FOR THE PREVIOUS YEAR? YES NO IF YOUR BUSINESS MOVED DURING THE YEAR, YOU MUST COMPLETE LINES BELOW: DATE OF MOVE: PRESENT ADDRESS: IMPORTANT: Returns received without ALL completed Federal schedules will be marked INCOMPLETE and returned to the taxpayer, along with any remittance enclosed with the return. AN INCOMPLETE RETURN IS NOT A FILED RETURN AND CAN CAUSE LATE CHARGES! PREVIOUS ADDRESS: SECTION A 1. TOTAL INCOME FROM WORKSHEETS ON REVERSE TAX LINE 1 MULTIPLIED BY 2.25% (.0225) 2. 3A ESTIMATED PAYMENTS... 3A. 3B. CREDIT CARRYFORWARD FROM A PRIOR YEAR 3B. 3C. TOTAL TAX CREDITS (ADD 3A and 3B) IF LINE 2 IS GREATER THAN LINE 3C ENTER BALANCE DUE (NOT LESS THAN $2.00) IF LINE 3C IS GREATER THAN LINE 2 ENTER OVERPAYMENT (NOT LESS THAN $2.00).. 5. AMOUNT TO BE: REFUNDED $_ OR CREDITED TO 2016 $_ 6. PENALTY $_ INTEREST $_) (After filing due date) BALANCE DUE (ADD LINE 4 AND 6) Payable to City of Xenia SECTION B DECLARATION OF ESTIMATED TAXES FOR TOTAL ESTIMATED TAX FOR 2016 (2.25% MULTIPLIED BY TAXABLE INCOME) LESS CREDITS (INCLUDING PRIOR YEAR CREDIT FROM LINE 5) NET TAXES OWED AMOUNT PAID WITH THIS DECLARATION (1/4 OF LINE 12) TOTAL DUE (ADD LINES 7 AND 11) PAYABLE TO CITY OF XENIA 12. SECTION C The undersigned declares that this return (and the accompanying schedules) is a true, correct, and complete return for the taxable period stated and that the figures used herein are the same as used for Federal income tax purposes, adjusted to the ordinance requirements for local tax purposes, and if an audit of the Federal return is made which affects the tax liability shown on the return, an amended return will be filed within three months with the City of Xenia. If this return was prepared by a Tax Preparer, I am authorizing them to disclose information concerning this return to the Xenia Tax Office. YES NO Signature of Person Preparing Return (if other than Taxpayer) Date Taxpayer s Signature Date Phone Number of Person Preparing Return Taxpayer s Printed Name and Title

3 WORKSHEET A OTHER INCOME (As documented by Returns, Attachments, 1099s and Schedules) TYPE Proprietorship (Schedule C) Rental Income (Schedule E) Recapture of Depreciation on Sale of Rental Property (Schedule 4797) Reportable Partnership Income (Schedule E/K-1) Farm Income (Schedule F) LOCATION Net Taxable Gain From Fed. Schedule or Income Amount Net Taxable Loss From Fed. Schedule or Income Amount N/A Income (not reported on Schedule C) N/A Other Income TOTAL TO LINE 1 ON REVERSE Only the resident partner s share of partnership or S-Corp income or losses not attributable to Tecumseh JEDD should be included on this return. SCHEDULE Y BUSINESS ALLOCATION FORMULA The Business Allocation Formula is to be used by taxpayers who have a place or places of business outside the Tecumseh JEDD to determine the portion of the net profits attributed to that part of the business within the boundaries of the Tecumseh JEDD. A. LOCATED EVERYWHERE B. LOCATED IN Step 1. Average original cost of real and tangible personal property $ $ C. PERCENTAGE (B/A) Gross annual rentals multiplied by 8. Total Step 1 $ $ % Step 2. Gross receipts from sales and work or services.. $ $ % Step 3. Total qualifying wages, salaries, commissions and other compensation for all employees.. % Step 4. Totals.. $ $ % Step 5. AVERAGE PERCENTAGE (Divide total percentages by number of percentages used.) Multiply by Net Taxable Gain from Federal Schedule C and enter on Worksheet A. % SCHEDULE H OTHER INCOME NOT INCLUDED ON FEDERAL SCHEDULES RENTAL INCOME (if a Federal Return is not required) 1. Location of Property 2. Amount of Rent Received 3. Mortgage Interest Payment 4. Repairs 5. Other Expenses 6. Total Expenses (add boxes 3, 4 & 5 together) 7. Total Income or Loss (subtract box 6 from box 2) INCOME FROM SALES OR SERVICES (if a Federal Return is not required) 1. Type of Products Sold or Services Provided 2. Total Received from Customers 3. Total Paid for Products or Materials 4. Total Income or Loss (subtract box 3 from box 2) Enter Total Income or Loss (Box 7 for Rental Income and/or Box 4 for Income from Sales and Service) under Other Income on Worksheet A. Having trouble filling out your return? Bring all 1099s, Federal Returns and Federal Schedules to the Xenia Income Tax Division between 9 AM and 5 PM, Monday through Friday Returns are completed free of charge Call Fax Use our Secure link on the Tax Division page on our website FORM TECJEDD R, 10/2015

4 TAX YEAR 2 nd Quarter Due on or before June 15 for calendar yr filers Xenia, OH or due 15 th of sixth month of fiscal year Payment Enclosed $ TAX YEAR Xenia, OH or due 15 th of ninth month of fiscal year Payment Enclosed $ 3 rd Quarter Due on or before September 15 for calendar yr filers TAX YEAR Xenia, OH or due 15 th of twelfth month of fiscal year Payment Enclosed $ 4 th Quarter Due on or before December 15 for calendar yr filers

5 ESTIMATED TAX FILING INSTRUCTIONS (BUSINESS) WHO MUST FILE A DECLARATION: EVERY BUSINESS ENTITY conducting activities or producing taxable income within the designated JEDD district or with the Tecumseh Elementary School located at 1058 Old Springfield Pike in Xenia Township, OH must make a declaration. HOW TO FILE DECLARATION: Declaration of estimated tax for the year can be made on the Tecumseh JEDD Income Tax return or directly to the Tecumseh JEDD, c/o City of Xenia, Division of Taxation, 101 N Detroit St., P O Box 490, Xenia OH Declaration forms are available at our website PAYMENT OF ESTIMATED TAX: The estimated tax or the first quarterly payment may be paid in full with the Income Tax Return, or must be paid quarterly on or before April 15, June 15, September 15 and December 15 for calendar year businesses or by the 15 th of the fourth, sixth, ninth and twelfth months from the beginning of the fiscal year for fiscal businesses. WHAT IS TAXABLE INCOME: FOR RESIDENT BUSINESS OR PROFESSIONAL ENTITIES, whether sole-proprietorships, fiduciaries, estates or trusts, the term income shall be deemed to mean the net profits arising from the business activities wheresoever conducted. VIOLATIONS: Failure of a taxpayer to pay an estimate will cause the imposition of additional penalties. At least ninety percent (90%) of the current year tax liability or 100% of the prior year tax liability must be paid by estimated payments by December 15th of the current year for calendar filers or the 15 th of the last month of the fiscal year for fiscal filers, to avoid penalties TAX RATE IS 2.25% ESTIMATE FORMULA: Gross taxable income x 2.25% x 90% equals amount to be paid by December 15 of the current year for calendar filers or the 15 th of the last month of the fiscal year for fiscal filers. For example, for tax year 2016, 90% of the 2015 tax liability or 100% of the 2016 tax liability must be paid by December 15, 2016 (calendar filers) or by the 15 th of the last fiscal month of the fiscal year (fiscal filers) to avoid penalty. Please call the Tax Office at for further assistance in calculating estimated payments. IMPORTANT NINETRY PERCENT (90%) OF YOUR 2016 INCOME TAX or 100% OF YOUR 2015 INCOME TAX MUST BE PAID BY December 15, 2016 FOR CALENDAR FILERS OR BY the 15 th of the last month of the fiscal year FOR FISCAL FILERS. IF LESS THAN 90% OF THE CURRENT YEAR TAX LIABILITY OR 100% OF THE PRIOR YEAR TAX LIABILITY HAS BEEN PAID BY THIS DATE, A PENALTY WILL BE ADDED AT THE TIME THE RETURN IS FILED - IN ACCORDANCE WITH THE XENIA INCOME TAX ORDINANCE. ESTIMATED TAX WORKSHEET (KEEP FOR YOUR RECORDS - DO NOT FILE) 1. Enter total estimated Tecumseh JEDD taxable income $ 2. Multiply Line 1 by 2.25% (.0225) and enter here $ 3. TAX CREDITS a. Enter the overpayment (carry-over) from your previous year Tecumseh JEDD return, if any a. $ b. Enter other credits... b. $ 4. Enter your total credits. (Add lines 3 a. and 3 b.) $ 5. Net Estimated Tax Due (Subtract Line 4 from Line 2) $ 6. Enter ¼ of Line 5 here, as the quarterly estimated payment. (If this computation is for less than one year, divide Line 5 by the number of quarters remaining in the year.) $ PAY THE FIRST ESTIMATED PAYMENT WITH YOUR TAX RETURN.