Yes, you read that correctly.
We want to remind you about the Ohio income tax credit (not deduction!) for donations to STATE (and only state) campaign contributions.
Contribute up to $100 to certain selected Ohio state campaigns, and receive that $100 back in the form of a tax credit that applies directly toward your Ohio income taxes.
You can claim a credit against your tax for combined total cash contributions you made during the year to the campaign committee of candidates for any of the following Ohio offices:
- Lieutenant Governor
- Secretary of State
- Auditor of State
- Treasurer of State
- Attorney General
- Chief Justice of the Ohio Supreme Court
- Justice of the Ohio Supreme Court
- Ohio Board of Education
- Ohio Senate
- Ohio House of RepresentativesIt works like this: if you are going to owe any Ohio state income tax, you can get a dollar for dollar tax credit for the combined total of donations to STATE political campaigns, up to $50 per single person or $100 for married couples who file jointly.
Example: If you and your spouse file jointly, and your bottom-line state income tax liability is $400, you would ultimately owe that amount less any covered contribution. If you contributed the maximum combined amount of $100, in this example you would owe only $300 ($400 – $100). In other words, you receive a credit equal to the amount of your combined contributions up to the credit limit. The amount is deducted directly off the net amount of taxes you owe. The “cost” of the contribution to you is zero.
So, if you are pretty sure that you will owe more than $50 in Ohio state income taxes (or over $100 per couple), now is the time to make a contribution to your local elected official. The contribution will reduce your tax bill by that amount when you file your 2014 Ohio state income taxes as long as you make the contribution before the end of the year. Of course, don’t hesitate to remind the recipient of your contribution that you are an optometrist, and that you support the agenda of the OOA
You do not have to obtain all of your credit in one contribution. You can give a dollar or five dollars to one or several campaign committees, and can receive the credit up to the combined maximum of $50 or $100. Just be sure to keep a copy of your checks or money orders. If you give cash, be sure to have receipts to file with your Ohio income taxes.
As long as optometry is a legislated profession, it is important that we are part of the elective process. Be an active contributor in this effort, and help optometry advance our legislative agenda.