Tuesday, July 5, 2022

When Is Oklahoma State Taxes Due

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How Can I Claim A Casualty And Property Loss On My Taxes If Impacted

Okla. Tax Commission To Allow Deferred Tax Payments Due To Coronavirus

Individuals or businesses who suffered uninsured or unreimbursed disaster-related casualty losses can choose to claim them on either the tax return for the year the loss occurred , or the loss can be deducted on the tax return for the prior year . Individuals may also deduct personal property losses that are not covered by insurance or other reimbursements. Be sure to write the FEMA declaration number 4587 on any return claiming a loss.

The tax relief is part of a coordinated federal response to the damage caused by the harsh winter storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

If you are not a victim, but you are looking to help those in need, this is a great opportunity to donate or volunteer your time to legitimate 501 not-for-profit charities who are providing relief efforts for winter storm victims.

Check back with the TurboTax blog for more updates on disaster relief.

Oklahoma Extends State Income Tax Deadline Until June 15

    OKLAHOMA CITY Following the IRS lead, the state Tax Commission has extended the deadline for Oklahomans 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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    Federal And State Tax

    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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      Residency Status Information For Oklahoma Returns

      Residents: An Oklahoma resident is a person domiciled in Oklahoma for the entire tax year.

      Part-year resident: A part-year resident is an individual whose domicile was in Oklahoma for a period of less than 12 months during the tax year. In other words, a part-year resident is an individual who move into or out of the Oklahoma during the year.

      Nonresidents: A nonresident is an individual whose domicile was not in Oklahoma for any portion of the tax year.

      Oklahoma Filing Due Date: Ok Individual Income Tax Returns Are Due By April 15 In Most Years The Same Due Date As The Federal Individual Tax Return However Individuals Who Electronically File Have Until April 20 To Submit Their Oklahoma Tax Return

      OTC Form WTP10003 Download Fillable PDF or Fill Online Oklahoma ...

      Extended Deadline with Oklahoma Tax Extension: Oklahoma offers extensions for one-half of the accounting period covered by the return. An individual tax return covers a 1-year period , which means an Oklahoma extension will provide 6 extra months to file. This moves the individual filing deadline from April 15 to October 15.

      Oklahoma Tax Extension Form: To request an Oklahoma extension, file Form 504 by the original due date of your return.

      NOTE: If you have an approved Federal tax extension , you will automatically be granted an Oklahoma tax extension.

      Oklahoma Extension Payment Requirement: A tax extension gives you extra time to file. It does not give you more time to pay your Oklahoma income tax. All state tax payments are due by the original deadline of the return . Any OK tax that isnt paid by the proper due date will be subject to interest and penalties. In order to get an Oklahoma tax extension, at least 90% of your state tax liability must be paid on time. You can make an Oklahoma extension payment with Form 504, or pay electronically using Oklahoma Online Services: www.tax.ok.gov/payments

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      General Tax Return Information

      Due Date – Individual Returns – E-filed returns are due April 20. Paper filed returns are due April 15.

      Extensions – Oklahoma allows an automatic six month extension if no additional tax is due and if a federal extension has been timely filed. A copy of the federal extension must be provided with your Oklahoma return. If the federal return is not extended or an Oklahoma liability is owed, an extension of time to file the Oklahoma return can be granted on Form 504-I. 90% of the tax liability must be paid by the original due date of the return to avoid penalty charges for late payment. Interest will be charged from the original due date of the return.

      Extension requests cannot be e-filed. To access Form 504-I, from the main menu of the Oklahoma return select Oklahoma Extension of Time To File.

      Drivers License/Government Issued Photo Identification: Oklahoma does not require this information to file the tax return. Providing the information will help confirm the taxpayer’s identity and can prevent unnecessary delays in tax return processing. To enter Identification Information, from the main menu of the Oklahoma return select Personal Information > Driver’s License Information.

      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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      Oklahomas Tax Deadline Is June 15 What You Need To Know

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      OKLAHOMA CITY

      Monday is the deadline to file taxes in many states across the country but in Oklahoma, the deadline to file taxes has been pushed back to June 15.

      This is due to the historic winter weather back in February. As a result of the disaster declaration issued by FEMA, the Internal Revenue Service announced the tax deadline extension for all Oklahomans who live in or own a business in all of Oklahomas 77 counties to provide relief for those affected by Februarys historic winter storms.

      Following the announcement from the IRS, the Oklahoma Tax Commission ordered the payment deadline extension to provide further relief to Oklahoma taxpayers. The Oklahoma Tax Commissioners decided to adjust the payment deadline extension from April 15 to June 15 for everyone who lives in or owns a business in Oklahoma.

      Where To Send Your Oklahoma Tax Return

      State of Oklahoma owes millions in property taxes
      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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      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.

      List Of State Income Tax Deadlines For 2022

      The deadline for most Americans to file their federal tax returns in 2022 is April 18, instead of the usual April 15 date. This is because of a holiday recognized in the nation’s capital. Most states that have their own income tax reporting requirements try to make the deadline the same, but it often takes legislation to make that change.

      So far, most states have gotten on the April 18 bandwagon, but a few states have different deadlines. Here are the most recent 2022 filing deadlines for all states that have an income tax for individuals:

      • Alabama: April 18
      • Alaska: No state income tax
      • Arizona: April 18
      • District of Columbia: April 18
      • Florida: No state income tax
      • Georgia: April 18
      • Nevada: No state income tax
      • New Hampshire: No state income tax
      • New Jersey: April 18
      • South Dakota: No state income tax
      • Tennessee: No state income tax
      • Texas: No state income tax
      • Utah: April 18
      • Washington: No state income tax
      • West Virginia: April 18
      • Wisconsin: April 18
      • Wyoming: No state income tax

      * Note 2: Virginia’s traditional individual due date is May 1, which fall son a Sunday this year.

      * Note 3: Maine and Massachusetts recognize Patriots’ Day on April 18, resulting in an April 19 deadline this year.

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      Requesting A Penalty Waiver

      The Tax Commission will automatically apply a penalty when unpaid taxes are due. If at least 90% of the original tax liability has not been paid by the due date, a penalty of 5% will be assessed. Youll also be assessed interest on the balance due at a rate of 1.25% per month. If youre hit with a tax penalty, you can request a penalty waiver to reduce what you owe. To request a penalty waiver, you can contact the Tax Commission at 522-8165.

      Oklahoma Back Taxes Settlement Guide: Methods To Settle Taxes

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      • Possibly Settle Back Taxes for Less
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      Each state has its own tax collection agency, which functions in a way thats similar to the IRS. In Oklahoma, the Tax Commission has the duty of processing tax returns and issuing assessment notices when unpaid taxes are due. If youve received an assessment notice for Oklahoma back taxes, you shouldnt hesitate to contact the Tax Commission to discuss your payment options. Depending on your individual situation, you may be able to set up a payment plan, arrange a settlement of your tax liability or get your penalties waived.

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      Total Estimated 2021 Tax Burden

      Our income tax calculator calculates your federal, state and local taxes based on several key inputs: your household income, location, filing status and number of personal exemptions. Also, we separately calculate the federal income taxes you will owe in the 2020 – 2021 filing season based on the Trump Tax Plan.

      Tulsa’s Local Criminal Defense Lawyers

      Are you looking for Tulsa attorneys who will fight aggressively for you? Our team of criminal defense attorneys have the experience needed in Oklahoma law to secure the outcome you deserve.

      Explaining Property Forfeiture Laws in Oklahoma

      Property forfeiture laws in Oklahoma can be very unforgiving. Imagine this: youre at home with your wife and child, watching TV. Its early morning, and youre finishing up breakfast. Everything seems peaceful, just like any other day. The next thing you know, theres a loud knocking at your door, and you hear, Police! Open up! Immediately, your eyes grow as

      Sole Proprietor Business: Start-Up Guide

      Sometimes when a single person is beginning a small company of their own, they will form a Sole Proprietorship. For instance, some examples of sole proprietorships could be a bakery, a small service shop for vehicles, etc. In Oklahoma it is relatively simple to establish a Sole Proprietor business. This is a good way for many people to take advantage

      Criminal Attorneys Fighting Embezzlement Crimes in Oklahoma

      Embezzlement crimes in Oklahoma together with Ponzi schemes have become famous under the likes of Bernie Madoff and Enrons Kenneth Lay. However, even Oklahoma is susceptible to such practices. For example, the punter for the OU Sooners 2000 championship team, Jeff Ferguson, is facing financial embezzlement charges. He allegedly embezzled $620,000 from Firstar Bank, N.A. This is a significant number

      Texting and Driving in Oklahoma

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      Differences Between The Old And New Taxes

      The new Oklahoma franchise tax, which was instituted in 2014, is very similar to the old pre-moratorium franchise tax. For example, both the old and new franchise tax included a maximum annual payment of $200,000.

      Because the two taxes were so similar, business entities formed before the moratorium was put in place will likely understand how to correctly file the new tax. On the other hand, businesses formed after the moratorium may have been taken by surprise by the reinstatement of the franchise tax and should be very careful about filing and paying this tax.

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      IRS extends federal tax filing deadline but states may differ

      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.

      We recommend filing both federal and state returns at the same time if possible. State returns typically “piggyback” off the federal return, so it’s usually easier to do them at the same time. There’s also a better chance of avoiding discrepancies if you do them together. However, if that’s not possible, having an extra week to file your Oklahoma return can help. It gives you more time to focus on getting your federal return off before the April 15 deadline and then to get your state return just right.

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      Goods Eligible For Oklahoma Sales Tax

      Like most states, Oklahoma only assesses sales tax on certain goods. So its important to know if what you are selling even applies.

      • Services Services are generally not subject to sales tax in the state. However, there are some exceptions, including the manufacturing of a product, even with heavy customization. Its important to fully review the list of services that are subject to sales tax in the state before determining your status.
      • Prescription Drugs and Some Medical Supplies The sole exceptions to sales tax on physical goods in Oklahoma are certain types of prescription medications and medical supplies.
      • Annual Sales Tax Holiday Oklahoma offers an annual sales tax holiday in August for Back to School shopping. The holiday applies to any article of clothing or footwear with a sales price of less than $100.

      There are only a small number of exceptions in the state. Combined with the updated and refined nexus laws, its important to ensure you know exactly what goods or services you offer that might be subject to Oklahoma sales tax.

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