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Yes, anyone having a rental property located in Sidney is required to file a return and include a copy of their Schedule E or applicable schedule of income and expenses for the rental. A return is required each year even though losses may have been incurred. Also, any Sidney residents having rental properties are required to file on those properties no matter where the properties are located.
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Retired or permanently disabled individuals who have no wages, rental, business or other income taxable to Sidney may obtain exemption from filing a Sidney tax return. To receive exemption, complete a one-time Exemption Form (with a copy of page 1 of your Federal Form 1040, if applicable) and submit to our office.
Please note that if your status changes and you again become employed or earn Sidney taxable income, you will be required to file a Sidney tax return for any full/partial year in which such income is earned. There is no age limit, according to the Ohio Revised Code, for paying municipal taxes on otherwise taxable earned income.
While not all-inclusive, generally you must file and pay quarterly estimated tax payments if any of the following applies to you:
To avoid being assessed an underestimation penalty, you must pay in the lesser of:
Contact our office for more assistance in calculating this amount.
We will gladly help you prepare your return for you, and there is no charge for this service. Simply bring your tax records (e.g. Federal 1040, all W-2’s, 1099-Misc, and other Federal schedules) and this package to our office. We highly recommend having your return prepared by our staff prior to March 31. Waiting until after this date may result in long lines or extended waiting for our office staff to assist with the preparation of your return.
Being a student has no effect on your Sidney income tax liability. All those age 16 years or older are subject to Sidney income tax on their Sidney taxable income. However, if you are ages 16 or 17 and your employer has withheld 1.75% for Sidney income tax, you are exempt from filing a Sidney tax return.
The first page of your Federal Form 1040 is required to be attached to be considered a “complete” return.
Business/rental losses may not be used to offset salaries, wages, commissions or other compensation. If a taxpayer is engaged in two or more taxable business activities to be included in the same return, the net loss of one business activity (not reportable to another municipality) may be used to offset the profits of another for purposes of arriving at overall net profits or net operating loss. Net operating losses may be carried forward and utilized for up to five years.
Sidney levies its 1.75% income tax on “qualifying wages”. In terms of which box on your Form W-2 represents “qualifying wages” for Sidney income tax purposes, it is generally the larger of Box 5 or Box 18. If your W-2’s are marked “various” or “all cities” in the Local Tax Withheld Line, you should request an itemized breakdown by city from your employer(s). You must attach this to your return. If you have questions, please contact our office.
Yes, credit is allowed for taxes paid to another city. The allowable credit is 1.75% of the amount paid to the other city.
Individuals and calendar-year businesses are required to file by April 15th. Fiscal-year businesses are required to file on the 15th day of the fourth month following the end of their fiscal year.