Income tax

Tax strategies for individual and businesses

Chris DeSimio — Fri, 05 Apr 2013 05:30:05 +0000

Larry Baker, senior partner at Grant Thornton in Cincinnati, is On the Money with Chris DeSimio to discuss tax strategies for individuals and businesses for the 2012 -2013 tax season.

Report: Kentucky's tax system unbalanced

Kenny Colston Kentucky Public Radio — Wed, 30 Jan 2013 19:13:15 +0000

A new report by the Institute on Taxation and Economic Policy shows a big gap between Kentucky’s income levels on who pays taxes.

The report says Kentucky’s top 1 percent income bracket pays roughly 5 percent of the state’s income tax, while the bottom 20 percent pays 9 percent.

Middle income levels are saddled with a higher percent, according to the report.

Jason Bailey, director of the Kentucky Center for Economic Policy, says the numbers show tax reform needs to happen quickly in Kentucky to better balance the burdens.

Cincinnati Council could end tax reciprocity

Jay Hanselman — Mon, 10 Dec 2012 09:00:00 +0000

Cincinnati residents who work outside the city limits could soon lose their income tax reciprocity.

City Council could vote this week to approve the Manager's recommendation the credit be eliminated next year.

Ohio local income tax is assessed primarily to the municipality where it's earned and secondarily to where an individual lives.

Cincinnati has always allowed residents who work outside the city to reduce their city income tax by the amount they pay to other municipalities.

Kearney proposes debit cards for tax refunds

Jay Hanselman and Ohio Public Radio — Wed, 22 Aug 2012 19:20:55 +0000

A state senator from Cincinnati is introducing a bill that would let taxpayers get their income tax refund on a prepaid debit card.

Sen. Eric Kearney said the state needs to adjust to the marketplace.

“This prepaid debit card program will benefit those citizens that do not have a bank account for direct deposit, or for those who wish to avoid the hassle with paper checks and check cashing fees,” Kearney said in a statement. “They will also be able to use their prepaid debit cards in stores, online, over the phone, or anywhere that accepts debit cards.”