Enlarge image | Form BR – 202 3 NECESSARY INFORMATION 202 3 NORWOOD 202 3 NECESSARY INFORMATION 1. Check type of Organization: BUSINESS EARNINGS TAX RETURN 5. Federal I.D. or Social Security No. ( ) Sole Proprietor ( ) Partnership DUE ON OR BEFORE APRIL 18, 202 4 ( ) Corporation ( ) Other or Fiscal Period 2. Date Business Started or was 6. Telephone No. Incorporated Beginning , 20 Ending , 20 If Moved During Year Give Date : 3. Did you have any Employees in 2022? File this Return and REMITTANCE with IN OUT Yes ( ) No ( ) NORWOOD TAX DEPARTMENT 7. Final Return ? Yes No 4. Are All Places of Business Subject to 4645 MONTGOMERY ROAD 8. If yes, answer #9 and/or #11, page 2 Norwood Earnings Tax included in NORWOOD, OH 45212-2689 (Additional questions on back, page 2) This Return? Yes ( ) No ( ) OFFICE 513-458-4590 FAX 513-458-4581 POST OFFICE BOX # IS NOT ACCEPTABLE IDENTIFYING ADDRESS IF NOT SHOWN, TYPE OR PRINT NAME AND ADDRESS CLEARLY 1. ADJUSTED FEDERAL INCOME (ATTACH COPY OF FEDERAL RETURN)Include Sched. Z Pg. 2 $ 2. a. Add items not deductible (From line H Schedule X, Page 2)…………… ADD $ b. Deduct items not taxable (From line M Schedule X, Page 2)…………… DEDUCT $ c. Difference between 2a & 2b to be added or subtracted from Line 1 (+ or -) .…………………….. $ 3. ADJUSTED NET INCOME a. PROFIT/LOSS (Line 1 Plus or Minus Line 2c, if Schedule X is used)……………………………. $ b. Amount of Line 3a Apportioned ( % from Line 5 Schedule Y, Page 2)…………………... $ c. Less allowable net loss from previous Norwood tax returns (5 year limit)… .............................................. $ 4. AMOUNT SUBJECT TO NORWOOD EARNINGS TAX (Line 3b less Line 3c) ...................................... $ 5. NORWOOD TAX : AT THE RATE OF 2.0% of Line 4 ............................................................................ $ 6. CREDITS: a. Deduct payments made on Declaration of Estimated Norwood Tax ............................. $ b. Prior year Overpayments ............................................................................................... $ c. TOTAL CREDITS ALLOWABLE………………………………………………………………… $ 7. BALANCE OF TAX DUE (Line 5 less Line 6c)………………………………………………………. $ 8. OVERPAYMENT: PLEASE REFUND OR APPLY TO 202 4ESTIMATED TAX DECLARATION OF ESTIMATED TAX FOR YEAR 202 4 (QUARTERLY PAYMENTS MANDATORY IF ESTIMATED LIABILITY IS $200.00 OR HIGHER) 9. TOTAL INCOME SUBJECT TO TAX $ MULTIPLY BY RATE OF 2.0% FOR GROSS TAX OF $ 10. LESS TOTAL CREDITS: a. OVERPAYMENT FROM PRIOR YEAR… ......................................................................... $ b. AMOUNT OF 2024ESTIMATE PAID…………………………………………………... $ = $ 11. AMOUNT PAID WITH THIS DECLARATION (NOT LESS THAN ¼ OF LINE 9 LESS LINE 10)… .......................... $ 12. TOTAL OF THIS PAYMENT (LINE 7 PLUS LINE 11) MAKE CHECK PAYABLE TO: CITY OF NORWOOD $ I DECLARE, under the penalties of perjury, that this return (including any accompanying schedules and statements) has been examined by me and is, to the best of my knowledge and belief, a true, correct and complete return, made in good faith, for the taxable period stated, pursuant to the Norwood Earnings Tax Ordinance and Regulations issued thereunder; the undersigned agrees to furnish or make available to the Commissioner of Taxation, a certified or photo static copy of the Federal Income Return, or detailed schedule as attached to the Federal Income Return, filed with the Director of Internal Revenue Service for the period involved as part of this return. Signature (Signature of person preparing the return) (Taxpayer, Partner, Fiduciary, President or other principal officer) (Name of firm or employer, if any) (Date) (Title) (Date) |
Enlarge image | Form BR – 202 3 Page 2 NOTE: All appropriate Federal schedules and forms MUST be attached. A return is NOT complete unless schedules and forms are included. SCHEDULE X RECONCILIATION WITH FEDERAL INCOME TAX RETURN ITEMS NOT DEDUCTIBLE (ADD) ITEMS NOT TAXABLE (DEDUCT) A. Net operating loss deduction per Federal Return $ I. Interest income………………………………… $ B. Capital losses to the extent they are included in J. Dividends……………………………………… Computing Total income per Federal Return…. K. Capital Gains to the extent they are included in Computing Total income per Federal Return... C. Expenses incurred in the production of non-taxable Income ..................................................................... L. Other (Explain)…………………………………. D. Income Taxes paid or accrued .................................. ………………………………………………………. E. Payments to partners… ............................................. ………………………………………………………. F. Other (Explain) ......................................................... ………………………………………………………. G. Other (Explain) ......................................................... ………………………………………………………. H. TOTAL ADDITIONS (Enter as line 2a, other side) $ M. TOTAL DEDUCTIONS (Enter as line 2b, other side) $ SCHEDULE Y BUSINESS ALLOCATION FORMULA ALLOCATION FACTORS A. Total Factors B. Norwood C. Percentage Everywhere Factors (b divided by a) 1. Average value of real and tangible personal property……………………………… $ $ % (Include Gross Annual Rents Paid Multiplied by 8) 2. Gross sales of merchandise, less returns and allowances (Do not include discounts allowed)…………………………………………. $ $ Charges for work or services performed…………………………………………… Other income (Do not include income from intangibles, Capital Gains, discounts Earned, or income exempt by Ohio or Federal Law)……………………………… TOTAL BUSINESS RECEIPTS-FACTOR………………………………. $ $ % 3. Wages, salaries and other personal service compensation…………………………. $ $ % 4. Total percentages………………………………………………………………………………………………………………………………... % 5. Allocation Percentage (Total percentages divided by the number of percentage factors used) carry to line 3 (b), Page 1 ........................................ % SCHEDULE Z OTHER INCOME (Include on Line 1 – front page) 1. Show here income from any other source(s) – attach listing and documentation ...................................................................................................... $ INFORMATION (CON’T PAGE 1) 9. If you Terminated Your Business during 2022 give Exact Date 12. Name of President or Owner(s) Phone No. 10. Give Name and Address of New Owners 13. Name of Treasurer or Chief Financial Officer Phone No. 11. I moved from Norwood on To My Norwood Landlord’s Name and Address was |
Enlarge image | BR-202 3 INSTRUCTIONS FOR NORWOOD FORM BR BR Line 4 Total amount subject to Norwood Tax - Line 3(b) minus Line 3(c). Line 5 Compute the 2% tax on the amount from Line 4. Line 6 (a) Show estimated tax payments made. (b) Show prior year overpayments. (c) Combine 6(a) and 6(b) - show total credits. Line 7 This is your balance of tax due - Line 5 minus Line 6(c). Line 8 Overpayment will be returned to taxpayer or credited to 2021 earnings tax liability as indicated on Line 8, page 1. Amounts of less than ten dollars ($10.00) shall not be collected or refunded. Lines 9, 10, 11, 12 Complete estimate of taxes due for 2023. 2008 INSTRUCTIONS FOR PAGE 2 SCHEDULE X The taxpayer must use this schedule to reconcile the amount reported for Federal Income Tax with the amount subject to Norwood Earnings Tax. 2022022020 3 2023 15, 202 .4 1. Additions-certain items are deductible in computing Federal net income, but not deductible in computing the amount subject to Norwood Earnings Tax. They must be added 202 3 2023 to Federal total income. (a) Amounts taken as a net operating loss carry-over on the Federal return must be added. (b) Capital losses are not deductible under the City tax and shall not be taken into consideration in arriving at net profits earned. (c) Where the taxpayer has expenses or other charges for carrying securities, etc., the amount of such expenses and charges must be shown. Since the income is not taxable by the City, the carrying expenses may not be deducted. (d) Income Taxes may not be deducted in computing amount subject to this tax. Such deductions on the Federal return must be added to the amount shown on line 1. (e) Payments to partners. (f) If the taxpayer has taken any other deductions on his Federal return which are not allowed for this tax, the amount must be shown and source explained. (g) If the taxpayer has taken any other deductions on his Federal return which are not allowed for this tax, the amount must be shown and source explained. (h) All of the above items must be totaled and inserted on line 2(a) to be added to the amount shown on line 1, page 1. Posted on www.norwoodohio.gov 2. Deductions - certain income taxable on the Federal return is not taxable by the City and must be deducted from Federal total income on line 2(b). (i) Interest (intangibles) per current state law. (j) Dividends and any other income specifically excluded from Norwood Earnings Tax by Ohio or Federal Law should be shown. (k) Capital gains are not taxable under the Norwood Earnings Tax and shall not be taken into consideration in arriving at net profits earned. Such capital gains shall be excluded through The ordinance provides that any information gained as the result of returns, investigations, etc. Schedule X but only to the extent they are added to Earnings per Federal return. shall be confidential. No disclosures shall be made except for official purposes or as ordered (l) Any other income not subject to Norwood Earnings Tax must be shown and deducted by a court of competent jurisdiction or where disclosure is necessary to conduct a hearing from Federal total income, but deduction of related expenses to non-taxable sources before the Board of Appeals or strict official tax purposes. of income is not permissible. Such expenses must be shown in left half of Schedule X. Business subject to allocation and using the allocation formula must use Schedule Y on page 2 to compute such allocation. If such taxpayer has books which accurately reflect the amount of net profits earned within and without the City of Norwood, he shall show in Schedule X the amount earned outside and explain the accounting method on an attachment. Any other non-resident taxpayer earning income within and without the City of Norwood may show the non-taxable portion here and explain the computation thereof. SCHEDULE Y 202 3 2023 This schedule is for taxpayers with business operations both within and outside Norwood to achieve a fair and equitable allocation of Net Profits to the city. To receive a detailed discussion of this formula, please contact the Norwood Tax Office. (513) 458-4590, or see the City of Norwood web page www.norwoodohio.gov and click on Tax Dept. and review Rules and Regulations - pgs 13-17. SCHEDULE Z The taxpayer should show any other income here and attach a listing of the source of income 2(a) and documentation of such. NOTE: LOSSES FROM BUSINESS, INCLUDING RENTALS, MAY NOT BE OFFSET AGAINST PERSONAL SERVICE COMPENSATION. 2(b) The total amount of items taxable for Federal Income Tax purpose but not subject to the Norwood Earnings Tax, is to be inserted here from the right half of Schedule X. TAX RETURN MUST BE SIGNED AS INDICATED BY THE APPROPRIATE PERSON. 2(c) Combine lines 2(a) and 2(b) and show the difference (plus or minus). Line 3(a) Adjusted Net Income - profit or loss. Line 1 + or - 2(c). Line 3(b) This is the amount subject to tax when the Business Allocation Percentage Formula is used. Line 5, page 2 - Allocation of Net Profits. Line 3(c) Insert operating loss per previous returns. Limit on net operating loss carry forward is Five(5) taxable years. |