Paying federal and state taxes is an annual obligation for most Ohio residents. Fortunately, the state offers several programs that can alleviate the tax burden. Even so, situations like job losses, underestimating amounts owed, divorce and other unexpected life circumstances can cause taxpayers to fall behind.
At BC Tax, we understand the complexities of the tax systems and how they impact the lives of Ohioans like you. Since we founded our firm in 2002, our mission has been to assist our clients with tax preparation and tax debt resolution. Trust us to help you attain the most favorable outcome for your situation.
Examples of Ohio Tax Reduction Programs
These programs can help many Ohio property owners reduce their tax burden:
- Homestead: Available to qualifying senior citizens, surviving spouses of public service officers killed in the line of duty, and individuals with a permanent disability, this program can provide a partial property tax reduction.
- Current agricultural use value: Owners of qualifying commercial farmland may be eligible for a tax break.
- Damaged property: Certain structurally damaged properties can receive a reduction in their taxable value.
- Owner occupancy: Property owners who live on their property can qualify for the Ohio Owner Occupancy Credit, which enables them to receive a tax credit for their primary residence.
- Tax exemption: Ohio property owned or leased by a government entity or state-recognized charitable organization could qualify for tax-exempt status.
What Happens If You Can’t Pay Your Taxes in Ohio?
If you’ve fallen behind on your taxes, the IRS or Ohio Department of Taxation can pursue several forced collection tactics:
- Bank levies: The taxing authority can take money from your bank account up to the amount required to satisfy your tax debt.
- Wage garnishments: This method involves taking a portion of your wages each pay period until your liability is paid in full.
- Liens: A tax lien gives the taxing authority the legal right to claim your property or assets to pay your tax debt.