2023 Tipp City Business Income Tax Return Instructions 
 
Section A  2023 Tax Calculations 

Line 1: Enter the Federal starting taxable income from the appropriate federal form as follows: 
         • Form 1120 - line 28 
         • Form 1120S - Schedule K, line 18   
         • Form 1065 - Schedule K “Analysis of Net Income (Loss)”, page 5, line 1 
         • Form 1041 - line 17 (or the equivalent) 
         • Form 990T - line 30 

Note: Attach Federal Return: Please include a copy of your federal return to support the figures   
used  on  your  Tipp  City  return.  Deductions  and  credits  not  supported  by  the  proper 
documentation may be disallowed. Refunds will not be issued until all supporting documents have 
been received. 

Line 2:  Enter the total dollar amount of items that are not deductible on your city return 
(page 2, Schedule X, line K) (No deduction is allowed for federal tax credits that reduce 
corresponding operating expenses). 

Line 3: Enter the total dollar amount of items that are not taxable on your city return (page 
2, Schedule X, line R. 

Line 4: Adjusted Federal taxable income before apportionment. 

Line 5: Pre-apportioned loss deduction (from tax years beginning on or after 1/1/18) utilized in this 
tax year. Enter the total amount of pre-apportioned net operating loss being used. Attach the net 
operating loss schedule to the return for additional support documentation.     

Line 6: Enter your pre-apportioned net profit, line 4 less line 5. 

Line 7: Enter your apportionment percentage from page two, Schedule Y, Step 5. 

Line 8: Municipal taxable income, line 6 multiplied by line 7. 

Line 9: Municipal income tax due, line 8 multiplied by 1.5%. 

Line 10: Enter the amount of estimated tax payments and/or prior-year credit. You may call  
the  tax  department  Monday  thru  Thursday  between  7am  and  6pm  at  937-667-8426  to 
obtain your total estimated payments and credit carryforward. 

Line 11: If the tax due on line 9 is greater than the total credits on line 10, enter the balance due. If 
the credits are greater than the tax due, enter zero on line 11 and continue to line 12. If the amount 
of tax shown due on line 11 is $10 or less, no payment is due. 

Line 12: If the total credits on line 10 are greater than the tax due on line 9, enter the amount 
overpaid (line 12). Next, tell us how you want the overpayment distributed (refunded, credited or 
split between the two). If the amount of overpayment is $10 or less, no refund or credit will be 
granted. 

Line 13a: Taxpayers may be subject to underpayment penalty and interest if the proper amount of 
estimated taxes were not paid in on or before December 15 of the current tax year. Please refer to 
Section 718.08 of the ORC for more details or call the tax department at 937-667-8426 Monday 
through Thursday between the hours of 7am and 6pm. 

Note: Underpayment penalties would not apply under these circumstances. 1. The amount of 
estimated taxes that were paid equals at least 90% of the tax liability for the current taxable year. 
2. The amount of estimated taxes that are paid equals at least 100% of the tax liability shown on 
the return of the taxpayer for the preceding taxable year. 

Line 13b:    If filed after due date, enter the amount of penalty due. The penalty is 15% of the 
amount shown due on line 11. 

Line 13c:    If filed after the due date, enter the amount of interest due. The applicable interest 
rate for 2024 is .83% per month. Take the amount reported on line 11 and multiply by .83% and 
then multiply that result by the number of months the return is late. One month past due runs 
from the 16  day (theth day after the due date) to the 15  day of the following month.thFractions 

of a month will be counted as an additional month late. 

Line 13d: With the passing of House Bill (HB)33 on July 3, 2023, the amount that a municipality 
can charge for a late filing fee has changed. Beginning with tax year 2023, the late filing fee that 
municipalities may charge a taxpayer for a late filed return is reduced to a maximum of $25, down 
from the previous maximum of $150.                         HB 33 also requires that a municipality waive the late 
filing fee the first time a taxpayer files a late return. The penalties and interest for late payment 
remain in place and unchanged. R.C. 718.27(C)(3), 718.89(A)(1) 

Line 14: Add the amounts reported on lines 13a, 13b, 13c and 13d. This is your total penalty, 
interest and late filing fee. 
 
Line 15: Add the amounts reported on lines 11 and 14. This is the balance of tax, penalty, interest 
and late filing fees due. No payment is due if balance is $10 or less. 
 
Section B               2024 Declaration of Estimated Tax   
(Must  be  completed by  taxpayers who  anticipate  owing $200 or  more  in Tipp  City 
income taxes in tax year 2024.) 

Line 16:     Enter the amount of estimated income for tax year 2024 and multiply by 1.5%. If the 

result is less than $200, estimated payments are not required. 

Line 17: Multiply line 16 by 25% to determine the amount of estimated tax due for the first quarter. 

Line 18: Enter the amount of credit carryover from 2023, if any. 

Line 19: Enter the net estimated tax due, if line 17 less line 18 is greater than zero. 

Total due with this return: Add lines 15 and 19. Make check payable to Tipp City Tax. 

Sign and date the return. 

Mail return, supporting documents and payment to: 
 Tipp City Tax Department                                                                 
 260 S. Garber Dr.                                                                         
 Tipp City, OH 45371 

Questions can be directed to the tax department anytime Monday through Thursday between 
the hours of 7:00 a.m. and 6:00 p.m. using the contact information below:                 

 Phone: (937) 667-8426 
 Fax:       (937) 667-6734 
 Email: incometax@tippcity.net 
  
Disclaimer: Directions are instructional only. The Tipp City Income Tax Code and the Ohio Revised 
Code supersede any interpretation presented.