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Controlling Your Taxes Your State Tax Obligations Oklahoma Taxes on Business Income in Oklahoma
Controlling Your Taxes Your State Tax Obligations Oklahoma Taxes on Business Income in Oklahoma
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As in every other state, the state of Oklahoma has various types of taxes. All of these tax laws are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.
- Franchise tax is required from most corporations doing business in Oklahoma.
- Income tax on business income computed based upon corporate taxable net income is required in Oklahoma.
- Personal income tax, based on a person's income and the tax method used to compute the tax, ranges from 0.50 percent to 5.65 percent of taxable income in Oklahoma.
