As a business owner, hopefully you are aware that there are certain income tax implications that result from the operation of your business. Unfortunately, business owners can find themselves facing certain tax problems on both a federal and state level. Oklahoma imposes state level taxes on businesses that cannot be ignored.
Seven Potential Corporate Tax Problems in Oklahoma
What types of problems can business owners find themselves in? The following are seven examples:
- Failing to pay your corporation’s income tax.
- Failing to pay a franchise tax for your corporation, if such tax applies to your business.
- Failing to pay the business activity tax, if such tax applies to your business.
- Failing to pay income tax on both the corporation and personal level. This may be the case where income from your business passes through to you personally.
- Making improper adjustments on your corporation’s income tax.
- Failing to file your corporation’s tax returns by the 15th day of the third month after the end of your corporation’s tax year.
- For businesses operating outside of Oklahoma, failing to acknowledge that your business has a sufficient nexus to Oklahoma and therefore must pay income tax in the state.
Business Taxes Can Be Difficult, and It’s Easy to Get into Trouble
Tax problems involving business income are often complex and confusing unless you are well versed in these issues. On the same note, it is very important to act quickly in order to obtain the best possible resolution to your tax problem. Fortunately, we are here to help, just as we have helped countless clients resolve their business and personal income tax issues in the past. Check out our client testimonials page today to learn more.