Tax Tip of the Week | No. 340 | Ohio Tax Forms Revamped in 2016

Tax Tip of the Week | February 3, 2016 | No. 340 | Ohio Tax Forms Revamped in 2016

New forms for your 2015 tax return……The Ohio Department of Taxation is continuously looking for ways to simplify the income tax filing process. This year, several tax forms have been revamped to make the process easier and more efficient.Most prominently, the IT 1040, IT 1040 EZ and amended IT 1040X forms have been consolidated into one Universal IT 1040 tax return. Combining these forms will allow amended returns to be filed electronically, rather than on a paper form as required previously. It will also enable refunds from amended returns to now be direct deposited, rather than issuing a paper check as was done in the past.This will speed up processing and the delivery of refunds. Taxpayers will also benefit by seeing all of the tax credits in one place, making it easier to identify those credits for which they are eligible.Similarly, the SD 100 and amended SD 100X school district forms have been merged into the Universal SD 100 tax return. The universal forms and new schedules should be used for Tax Year 2015 and thereafter. However, the relevant old forms should still be used for Tax Years 2014 and earlier.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.