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Do I need to pay taxes?
If you live in the City of Loveland, there is a 1% income tax rate if you are working. Retirement earnings are not taxed, and unemployed residents are not taxed. Additionally, Loveland offers a 1% tax credit for those working outside the City of Loveland and pay another community a 1% income tax rate or higher.
Not sure if you live in Loveland? Click here to view all streets that are in Loveland.
Loveland Income Tax Code (Chapter 183, Section .07) requires individual taxpayers having estimated taxes due in excess of $100.00 to pay on a quarterly billing schedule. Noncompliance results in a penalty equal to 10% of the tax remaining due over $100.00 after the estimated payment deadline of January 31. To avoid assessment of such a penalty, the code provides three “safe harbor” options: 1) owe less than $100 when you file the annual return, 2) pay at least 100% of your previous year’s liability through employer withholding of Loveland tax or your work city tax (credit is limited to 1% of the wages taxed by such city), and/or direct payment of estimated taxes to Loveland or, 3) pay at least 90% of the current year’s liability through the same means as #2. The City imposes a one percent earnings tax on persons who live or work in the City. A credit is given to residents who pay taxes to other municipalities. Residents who work in areas imposing less than a one percent earnings tax must pay the difference to Loveland. Tax forms are mailed annually. All residents must file a return even if no tax is owed. The earnings tax and other state and federal revenues support administrative activity, police operations, street maintenance and recreation.
When are my taxes due? 2013 local income taxes are due on or before April 15, 2014.
Please contact Linda Collins, Financial Analyst, at 513-707-1452 or by email.