Form Br - City Of Mason Income Tax Return printable pdf download

CITY OF MASON INCOME TAX RETURN FORM BR

GENERAL INFORMATION

WHO MUST FILE

ALLOCATION OF PROFITS

A return must be filed by partnerships, corporations and any other

The business allocation percentage formula is to be used by

entity having income taxable by the City of Mason. If for some

resident or non-resident business entities doing business within and

reason you do not have any taxable income for the year, return the

outside of Mason if actual records of their Mason profits are not

form with an explanation.

maintained.

WHEN AND WHERE TO FILE

Determine the ratio of the Mason portion of:

The filing date has been changed to April 15th. The City of Mason

Income Tax Return BR must be filed on or before April 15th for

(1) Average value of real and tangible property;

businesses who end their taxable year on December 31. Taxpayers

(2) Total sales regardless of where made;

on a fiscal or partial year basis must file within four months following

(3) Total compensation paid to all employees.

the end of such period.

Add the ratios obtained and divide by the number of ratios used to

The Return is to be filed (including a copy of the Federal Income

obtain the business allocation percentage. A ratio shall not be

Tax Return and all applicable schedules) with the Mason Income

excluded from the computation because it is allocable entirely within

Tax Department, 6000 Mason-Montgomery Road, Mason, Ohio

or outside of Mason. This computation is to be reported on Schedule

45040. Any balance due must be paid when the return is filed.

Y, Page 2 of Form BR.

Checks or money orders should be made payable to “City of Mason

Tax Department.”

LOSS CARRYFORWARD

The portion of net operating loss sustained in any taxable year,

EXTENSION OF TIME TO FILE

allocable to the City of Mason, may be applied against the portion of

Taxpayers may obtain an extension of time in which to file their return

the profit of succeeding tax years, allocable to the City of Mason,

up to six (6) months beyond the due date of the return or one month

until exhausted, but in no event for more than the five (5) taxable

beyond any extension granted by the Internal Revenue Service for

years immediately following the year in which the loss occurred. No

filing of the Federal income tax return. Extension requests must be

portion of a net operating loss shall be carried back against net

made in writing by the due date. A copy of the Federal extension

profits of any prior year.

or the City of Mason Extension Request Form ER must be

submitted, but will not be recognized unless received in our office or

CHANGE IN TAX LIABILITY

postmarked by the April 15th due date (or within 4 months of the

An amended Mason Tax Return is required within three (3) months

fiscal year filing due date). No verbal extensions will be honored. A

of the final determination of any changed tax liability resulting from

stamped, self addressed envelope must be included if an approved

Federal audit or other circumstance.

copy of the extension is to be returned.

PENALTIES AND INTEREST

TAXABLE INCOME

Penalties and interest for late filing, or failure to have 70% of the tax

City of Mason Income Tax is levied on the following:

liability remitted by January 31st of the subsequent year (or in the

case of fiscal year taxpayers, by the end of the first month following

(A) On the net profit of all unincorporated businesses,

the end of the fiscal year) will be imposed as provided by the City of

professions, rentals or other activities conducted by

Mason Income Tax Ordinance.

residents of the City of Mason.

ESTIMATED TAXES

(B) On the net profit of all unincorporated businesses,

Taxpayers are required to file a declaration of estimated income for

professions, rentals or other activities conducted by

the upcoming year and to make quarterly payments throughout the

nonresidents within the City of Mason.

year. If you do not have seventy percent (70%) of your estimated tax

liability remitted by January 31st (or by the end of the first month

following the end of the fiscal year), penalties and interest will be

or services performed or rendered, from business and

imposed as provided by the City of Mason Income Tax Ordinance.

other activities conducted within the City of Mason.

WHAT CONSTITUTES NET PROFIT

Net profit is the income from the operation of a business, profession

or enterprise and from the use of property, after the provision for all

ordinary and necessary expenses, except contributions, either paid

or accrued, in accordance with the accounting system used by the

taxpayer for Federal Income Tax purposes, adjusted to the

requirements of the City of Mason Income Tax Ordinance, and in the

case of an association, without deduction of salaries paid to

partners or other owners. Note that City, Federal or State taxes,

based on income, are not deductible in determining net profit.

(2004)

Form Br - City Of Mason Income Tax Return

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