Per Ohio law I see that it shows taxable income can be deducted up to $250k.
If I have a small startup business and make less than $250k a year as a side business, is it true that this 100% deductible?
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1 Answer
Based on the linked document, that does appear to be the case, provided that the business is organized as a sole proprietorship or a "pass-through entity" such as an S-corporation or an LLC. Up to $250,000 is deductible from personal income for the profits of a business.
Note this is only fr Ohio state taxes, not for federal tax, nor for any other state tax. Also, this would not apply to any relevant business tax ot license fee.
An actual business owner would do well to consult a tax professional to make sure that no other provision that applies to the particular business modifies this. Or a tax program with a good reputation might give a reliable answer.
answered Jul 16, 2022 at 15:00
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