The mileage rate per mile determined by the Internal Revenue Service for the use of an automobile. It approximates the 'actual' cost of owning/operating a vehicle.
2007 : 48.5 cents per mile
2008 : 50.5 cents per mile (Jan-Jun)
2008 : 58.5 cents per mile (Jul-Dec)
Generally you do if you expect to owe at least $1,000 in tax when you file your next return. However, if your expected withholding and credits meet 90% of the total tax for the upcoming year or 110% of the prior years total tax, you are not required.
Interest, compounded daily, is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is the federal short-term rate plus 3 percent. That rate is determined every three months.
In addition, if you filed on time but didn't pay on time, you'll generally have to pay a late payment penalty of one-half of one percent of the tax (0.5%) owed for each month, or part of a month, that the tax remains unpaid after the due date, not exceeding 25 percent. However, you will not have to pay the penalty if you can show reasonable cause for the failure. The one-half of one percent rate increases to one percent if the tax remains unpaid after several bills have been sent to you and the IRS issues a notice of intent to levy.
Beginning January 1, 2000, if you filed a timely return and are paying your tax pursuant to an installment agreement, the penalty is one-quarter of one percent for each month, or part of a month, that the installment agreement is in effect.
If you did not file on time and owe tax, you may owe an additional penalty for failure to file unless you can show reasonable cause. The combined penalty is 5 percent (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return was late, up to 25%. The late filing penalty applies to the net amount due, which is the tax shown on your return and any additional tax found to be due, as reduced by any credits for withholding and estimated tax and any timely payments made with the return. After five months, if you still have not paid, the 0.5% failure-to-pay penalty continues to run, up to 25%, until the tax is paid. Thus, the total penalty for failure to file and pay can be 47.5% (22.5% late filing, 25% late payment) of the tax owed. Also, if your return was over 60 days late, the minimum failure-to-file penalty is the smaller of $100 or 100% of the tax required to be shown on the return.
Ohio is one of the very few...lucky us!? We can thank Toledo for enacting the first city tax in 1946.
In 2005, the most recent year for which data is available, 558 municipalities (234 cities and 324 villages) levied the tax in Ohio. Rates ranged from a low of 0.30% to 3.00%.
Pennsylvania has the largest number of municipal income taxes. Ohio is second. Togeteher Ohio and Pennsylvania make up the majority of city tax compliance in the US.
Coming in distant last places are are Michigan, Kentucky and Indiana (county level).
Select cities like Newark NJ, New York City and Yonkers NY also have city taxes. San Francisco CA has a 1.5% employer tax and, generally speaking, better weather than Ohio.
