City of Oakwood 2024

Every business entity conducting activities or producing income with the City of Oakwood, whether or not the entity has a place of business in the City of Oakwood and whether or not a tax is due, must file a return reporting the net profit or loss attributable to Oakwood.

LLC’s filing as sole-proprietors for federal income tax purposes must file an individual tax return.

The return must be filed on or before the fifteenth day of the fourth month following the close of the tax year. For calendar year taxpayers, the 2024 return is due April 15, 2025.

Any business that has duly requested an automatic extension for filing the federal return shall automatically receive an extension for filing the municipal return. The extended due date shall be the fifteenth day of the eleventh month after the last day of the taxable year to which the return relates. Please include a copy of your federal extension when filing the return to avoid a late filing penalty. Remember that an extension of time to file is not an extension of time to pay taxes owed.

Any business that has not requested a federal extension may request an extension from the Oakwood Tax Department by using the extension request form available on the City’s website. The request must be received by the Tax Department on or before the original due date of the municipal return.

Documentation is necessary to verify all amounts of taxable or non-taxable income, expenses and deductions. Taxpayers are required to attach their corresponding federal return (1120, 1120S, 1065, 1120F, 1120-REIT, 1041, 990T, etc.)

For taxable years beginning in 2018, taxpayers may deduct a net operating loss incurred in a taxable year beginning on or after January 1, 2017. The amount of the net operating loss shall be deducted from net profit to reduce taxable income to zero, with any unused portion carried forward to not more than five consecutive years or until fully utilized.

Every taxpayer who anticipates a net liability of at least $200.00 is required, under Ohio law, to make timely estimated tax payments. The declaration should be filed by the 15^th day of the fourth month of your tax year. For 2025 calendar year taxpayers, this is April 15^th. Additional instructions and vouchers are available on the city’s website.

Late filing penalty shall be charged on any return filed after the due date, or extended due date. The amount of the penalty shall be $25.00 per month and shall be imposed whether or not any tax is due.

Late payment penalty of 15% shall be charged on any tax balance remaining unpaid after the original due date. For calendar year taxpayers, this is April 15, 2025.

Interest, calculated on the federal short term rate in effect + 5%, shall be charged on any tax balance remaining unpaid after the original due date. The interest rate in effect during calendar year 2025 is an annual rate of 10%. A complete listing of annual interest rates is available on the city’s website.

Payment in full is due by the original due date of the return. Checks should be made payable to “City of Oakwood.” To make a credit card or echeck payment, please visit the City’s website at www.oakwoodohio.gov. A convenience fee will apply.