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When Are Oklahoma State Taxes Due

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Who Pays Ok Income Tax

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Oklahoma residents with a gross income from both within and outside of Oklahoma that surpasses the standard deduction plus personal exemption should file an Oklahoma income tax return.

Non-residents are also required to file a state income tax return when they receive gross income of at least $1,000 of Oklahoma source income.

What You Need To Know About Oklahoma State Taxes

The state of Oklahoma requires you to pay taxes if youâre a resident or nonresident that receives income from an Oklahoma source. The state income tax rates range from 0% to 5%, and the sales tax rate is 4.5%.

Oklahoma offers tax deductions and credits to reduce your tax liability, including deductions for disability-related expenses and qualified adoption expenses, as well as a tax credit for income tax paid to another state.

Oklahoma Sales Tax Guide

Oklahoma charges 4.5 percent state sales tax on sales of tangible personal property and certain services. The state also has some special taxes and levies discretionary taxes on businesses.

This guide does not fully describe all of Oklahomas laws and regulations regarding taxes. Businesses should contact a business attorney or visit the Oklahoma Tax Commission website to learn more about the rules, regulations, tax laws and tax information associated with their industries and the types of taxes due.

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File Your Ok Taxes Faster

All residents, partial-year residents and nonresidents of Oklahoma must file an annual income tax return if they earn money in the state during the applicable tax year. This also applies to students and dependents who earn money. Nonresidents and partial-year residents must use Form 511NR. Residents must use form 511. Taxpayers who file online with us and owe money that want to mail their payment, can complete the Form 511V and send it to the Tax Commission at:

PO Box 26890 Oklahoma City, OK 73126-0890

With annual tax revenue of more than $8 billion, Oklahoma falls in the nation’s median tax revenue range. The state income tax rate varies between 0.5% and 5%, which is lower than the national average. Oklahoma state income tax returns must be e-filed or mailed by April 15. All extension requests must be mailed by this date as well. Extended returns are due by October 15.

Tax extension requests grant taxpayers extra time to file their returns. However, this does not allow extra time to pay tax due. Extension requests are not granted unless taxpayers pay at least 90% of the OK taxes they owe on or before April 15. To contact the Tax Commission with an extension request, use Form 504 and mail to:

Federal And State Tax

Tax Freedom Day®

Friday, April 2, 2021

Even working under a tight calendar, farmers and ranchers are used to making quick financial decisions when conditions are right. Plant between thunderstorms? Take advantage of an equipment sale?

When the federal and state governments recently announced tax deadlines were pushed back, producers were presented with a similar question: File now or later? Does a typically dark cloud actually have a silver lining this time?

Oklahomans usually scramble to get their taxes filed by the April 15 deadline. However, the IRS deadline for 2020 tax returns has been extended to May 17.

The Oklahoma Tax Commission issued a statement adjusting the states deadlines explaining that Oklahomans now have until June 15 to pay their 2020 individual and business income taxes the same is true of first quarter 2021 estimated income tax payments. Shortly after the OTC statement, the Internal Revenue Service posted its own extension. The IRS said individual taxpayers can also postpone their federal income tax payments for the 2020 tax year normally due on April 15 to May 17 instead.

For many qualified Oklahoma farmers, the deadline shuffle is a moot issue, said J.C. Hobbs, Oklahoma State University OSU Extension associate specialist and coordinator of OSU Tax School. By filing before March 1, those producers dont have to pay estimated taxes for the year, a significant benefit that many have already taken advantage of, Hobbs said.

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States With Tax Deadlines After April 15 In 2019

Virginia May 1

If you want an extra week after the 2018 federal tax deadline to file Oklahoma Form 511, then e-file your state return. The due date for paper Oklahoma returns is April 15, 2019 , but the deadline is shifted to April 22 if you file your return electronically.

Can’t hit the deadline? Don’t worry…the Sooner State will honor any federal filing extension if no Oklahoma tax is due. If your federal return is not extended or Oklahoma tax is owed, a six-month state filing extension can still be requested using Form 504-I. Note, however, that 90% of your Oklahoma tax liability must be paid by the original due date to avoid penalties. Interest on any outstanding balance will be charged from the original due date of the return no matter what.

Do I Have To Pay Income Tax In Oklahoma

Whether or not you have to file an Oklahoma income tax return depends on your income and residency status.

  • Residents: You must file a return if your income is higher than your allowable standard deduction amount plus any personal exemptions.
  • Part-year residents: You must follow the same requirements as a resident. Additionally, a return must be filed if you earned more than $1,000 from Oklahoma sources during your nonresidency period.
  • Nonresidents: If you earned more than $1,000 from Oklahoma sources, you must file a return in the state.

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Where To Send Your Oklahoma Tax Return

Estimated Income Tax Returns

You can save time and money by electronically filing your Oklahoma income tax directly with the . Benefits of e-Filing your Oklahoma tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.

To e-file your Oklahoma and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.

The two most popular tax software packages are H& R Block At Home, sold by the H& R Block tax preparation company, and TurboTax Federal & State, sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.

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Due Dates For Oklahomas Sales Taxes

Businesses must file tax returns on a monthly, semiannually, or semimonthly basis, depending on the amount of gross receipt it has.

  • Monthly: Reports and payments are due on or before the 20th day of the month following the month the business collected the taxes. For example, Februarys taxes are due on or before March 20.
  • Semiannually: If the businesss tax liability for any one month does not exceed $50, it can file semiannually after notifying the Oklahoma Tax Commission. The business must qualify by showing that it is seasonal, making sales incidental to the business, transient, or making sales through peddlers or other salesmen that do not have an established business location. Due dates are on or before the 20th of January and July each year. For example, taxes collected from January through June are due on or before July 20.
  • Semimonthly: If a businesss tax liability is $2,500 or more per month, the business must participate in the Tax Commissions electronic funds transfer and electronic data interchange program. Due dates are on the 20th of the current month for sales made from the 1st through the 15th of the month and on the 20th of the next month for sales made from the 16th through the last day of the month. For example, sales made from January 1 through January 15 are due on January 20. Sales made from January 16 through January 31 are due on or before February 20.

What Is The Estate Tax

The estate tax applies to the estate of a person who recently died, before the money and assets held in the estate are dispersed to the persons legally designated heirs. The estate tax is sometimes also called the death tax. It only applies to estates that reach a certain asset threshold, which is determined by the entity or government levying the tax.

Inheritance taxes are different from estate taxes. Inheritance taxes apply to money and assets already passed to heirs, who pay the the tax on their inheritance.

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How To Appeal Your Property Taxes In Oklahoma

The state of Oklahoma allows you to appeal property taxes if you believe your property’s valuation is higher than its market value. A successful appeal can lower your Oklahoma property taxes. The first step of appeal is contacting the Assessor’s Office with your concerns. The assessor reviews your appeal and makes the necessary changes. If you are dissatisfied with the assessor’s decision, you can file an appeal with the County Board of Equalization no later than 10 working days from receiving your Notice of Change in Value. However, you must file a Notice of Appeal with the assessor to preserve your rights of appeal to the CBOE. Decisions by the CBOE can be appealed to the District Court in your county.

The process of filing an assessment appeal varies across Oklahoma though it generally follows the same steps from county to county:

Tax Season Underway In State

Tax Deadline For Oklahoma 2021

By: Journal Record StaffJanuary 21, 20220

The Oklahoma Tax Commission will begin accepting and processing income tax returns for the 2021 tax year on Jan. 24 to allow taxpayers to file early.

In a release, the OTC also said it will adhere to the Internal Revenue Services filing deadline of April 18 to submit 2021 tax returns or an extension to file and pay tax owed. According to the IRS, the change from the normal April 15 deadline is a result of Emancipation Day, a Washington D.C. holiday.

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When Are Taxes Due

Federal income taxes for tax year 2021 are due April 18, 2022. Most state income tax returns are due on that same day. A handful of states have a later due date, April 30, 2022, for example.

Income tax returns must be postmarked on or before the 2022 filing due date to avoid penalties and late fees.Keep your post office receipt and ensure it is date stamped. The receipt date must be legible. Ask the clerk to stamp it again if it is not. To get a late filing fee removed, you may be required to mail a copy of your post office receipt to the IRS or DOR.

Sign Up For 2022 Sprintax Nonresident Alien Resources And Discount Code

To access SPRINTAX resources with the discount code, you will need to register with ISS using the following link:

Please note that the discount codes are ONLY available to OSU international students, scholars, and graduates who are currently on OPT. As we have a limited number of codes, for the benefit of the international community at OSU, please do NOT share the discount code with anyone who is not associated with OSU.

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Webinar dates, times, and registration links:

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Motor Vehicle Excise Tax

How do I pay my Oklahoma sales tax online?

Oklahoma also has a vehicle excise tax as follows:

  • New vehicles: 3.25 percent of the purchase price.
  • Used vehicles: $20 on the first $1,500 plus 3.25 percent on the remainder.
  • New boats and boat motors: 3.25 percent of the manufacturers original retail selling price.
  • Used boats and boat motors: 3.25 percent of the taxable value, which decreases by 35 percent each year.
  • New manufactured homes: 3.25 percent of the first 50 percent of the purchase price.
  • Used manufactured homes: 3.25 percent of 65 percent of half of the actual purchase price.
  • New and used all-terrain and utility vehicles and off-road motorcycles: 4.5 percent of the actual purchase price. The minimum tax for these types of vehicles is $5.

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Oklahoma Extends State Income Tax Deadline To June 15

OKLAHOMA CITY Following the IRS lead, Oklahoma Tax Commission has extended the deadline for residents to pay their state income taxes without penalty by two months.

The IRS granted federal income tax extensions to Texas, Oklahoma and Louisiana filers following the Februarys historic winter storm, which dumped snow and caused arctic temperatures and rolling power outages across much of the region.

Oklahoma officials said they opted to follow suit earlier this month to help Oklahomans who typically file their federal and state income taxes together.

Clark Jolley, a state tax commissioner, in a video post, said Oklahomas state statutes are very tricky in the way theyre written. Tax commissioners cannot legally change the April 15 date for filing unless its nationally changed in the United States code, he said.

Getting highly technical, we cant technically move it, but we can effectually move it and effectively weve moved it to June 15 by saying were going to waive any and all penalties and interest, he said. So if you do file after April 15, youre not going to be penalized. Youre not going to pay any penalties or interest.

He said the states June 15 extension applies to personal 2020 income tax returns, franchise tax returns and 2021 income tax estimates.

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Irs Announces Tax Relief For Oklahoma Severe Winter Storm Victims

to include information affecting farmers or fishermen.

OK-2021-01, February 25, 2021

OKLAHOMA Victims of winter storms that began February 8, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in all 77 counties will receive tax relief. This includes Individuals and households affected by Severe Winter Storms that reside or have a business in any of these counties.

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 8, 2021, and before June 15, 2021 are postponed through June 15, 2021. This includes 2020 business returns, normally due on March 15 and individual and business returns normally due on April 15. It also includes the special March 1 filing and payment deadline for farmers and fishermen who forgo making estimated tax payments. Taxpayers also have until June 15 to make 2020 IRA contributions.

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No Oklahoma Annual Reconciliation

The federal government and many other states require employers to file an annual reconciliation after the end of the year. The annual reconciliation, where required, is in addition to the requirement to provide each of your employees with a federal form W-2 summarizing the employee’s withholding for the year. Oklahoma, however, does not require you to file an annual reconciliation.

How To Appeal Your Property Taxes In Oklahoma County

Tax Forms &  Tax Information

For a better understanding of how to appeal your property taxes in Oklahoma, here is a breakdown of the process in Oklahoma County, the most populated county in Oklahoma.

Obtain your assessment

Details about your property’s valuation can be obtained from your Notice of Change in Value. You may also consult the Oklahoma County Assessor for the same.

Determine if you are over-assessed

Valuation of your property is mainly done using comparable sales. You can request the appraisal details on similar properties in your area from the Oklahoma County Assessor. Alternatively, you may use TaxProper’s search tool to search for recent sales of similar units within your locality and compare their sales prices to the value placed on your property.

Complete forms needed to appeal

The forms you need to appeal property taxes will be provided to you by the Oklahoma County Clerk.

File property tax appeal

Property tax appeals to the County Board of Equalization are filed with the Oklahoma County Assessor. However, the Notice of Appeal filed with the assessor is sufficient as long as it has all the required details.

Prepare for hearing

Preparation for hearing means gathering evidence supporting your opinion of value. This can include but is not limited to photographs showing your property, comparable sales, statements from builders, or independent appraisals from a certified appraiser.

Attend hearing

Appeal the decision

You can appeal CBOE’s decisions to the Oklahoma County District Court.

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