What deductions and credits are available for Ohio state taxes?
The Ohio Department of Taxation offers various deductions and credits to help taxpayers reduce their state tax liabilities. Deductions available include the Ohio personal exemption, medical savings account deductions, and contributions to the Ohio CollegeAdvantage 529 Savings Plan. For credits, Ohio offers the Earned Income Credit, which benefits low-income individuals and families, and the Ohio Resident Credit, which helps taxpayers avoid double taxation on income earned in another state. Additional credits are available for residential energy-efficient improvements, contributions to political campaigns, and rehabilitation of historic buildings. The Ohio Department of Taxation also provides credits for various business-related activities, such as the Job Creation Tax Credit and the Motion Picture Tax Credit. These deductions and credits can significantly reduce an individual or business's tax burden while promoting economic growth and investment within the state. For more detailed information, taxpayers can consult the Ohio Department of Taxation's official website or contact their customer service.
Answered May 3, 2024
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