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    Tax Update: Decrease in Income Tax Rates & Repeal on Sales Tax for Staffing Services

    Posted by Jeff Kujawa on Jul 7, 2021 2:05:54 PM

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    Tax Rate Update

    Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021. See the below chart for the income tax rate changes for all earners:

    Tax Rate Decrease Chart

    The business income deduction is still applicable for business owners where the first $250,000 of business income is exempt from Ohio tax. Business income above $250,000 is subject to a 3% tax rate. 

    Sales Tax Update

    Effective October 1, 2021, Ohio repealed the sales tax on staffing services in an effort to increase employment and wages while saving Ohio businesses $300M annually. 

    If you would like to discuss these changes with one of our tax experts, Start The Conversation on our website!

    Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, Sales Tax, Income Tax

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