Small Businesses Receive Tax Breaks

POSTED BY: Miriah Turner
Tuesday, February 25, 2014 - 07:20 PM
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The Muskingum County Business Incubator held a meeting this afternoon to inform the public of the new tax cuts for small businesses in Ohio. Ohioans who have already begun filing their taxes have noticed positive changes.

"I'm starting to get a lot more comments about, hey what is this 50% thing," Commissioner Joe Testa of the Ohio Department of Taxation. "They're seeing it now, and as the returns are coming in, they're going to see the result of that. The idea is again, is to put the money into THEIR hands so they can grow their businesses. "

State cabinet directors shared information on how Ohio businesses can take advantage of the newest tax cuts, reduce workers' compensation premiums, and increase the money available to grow their businesses.

"The cut that we put in place, into this budget that we're in now, is about 1.6 billion dollars over three years for small business people. That's A LOT," said Testa. "That goes right back into the small businesses so they can expand their businesses, hire more people, and expand in various ways."

For more information on how the new tax cuts will affect you or your business, you can visit the Ohio Department of Taxation at www.tax.ohio.gov.


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