1. Mandatory filing for all residents of Galion age 18 and
over, whether or not you earn an income, on or before April 15th of
each year for the previous year.
2. You should use the Medicare Wage in Box 5 or local wage
in box 18 ( whichever is higher ) of the W-2 for
income taxable to Galion.
3. April 15th is the deadline
for all extensions and returns.
4. Lottery and gambling winnings are now taxable.
5. If you own rentals, use the
location of the rental when deciding which city tax is due.
6. You may deduct
contributions to Section 125 Cafeteria Plans.
7. Non-qualified deferred comp plans are now taxable upon deferral.
A non-qualified
deferred comp plan is any plan that does not fall in to the following
categories:
a. CODA
b. Annuities
c. IRA/set plans
d. Exempt government deferred plans
8. If you are a resident of Galion, but work in another
city, you can take a 1% maximum credit for taxes to that city.