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January 29, 2024

What Are Some Oklahoma Tax Laws Every Small Business Owner Should Know?

Outhier & Caruthers, PLLC simplifies Oklahoma tax laws for small business owners, providing essential knowledge on state and local taxes, incentives, and record-keeping.

As a small business owner in Oklahoma, navigating taxes can be tough. At Outhier & Caruthers, PLLC, we understand the challenges you face, and we want to offer you insights into the most important tax laws that impact your business.

For personalized advice unique to your specific situation, call our Enid office today.

State Business Taxes in Oklahoma

Oklahoma’s tax laws have a few key points that small businesses need to know. First, there’s a tax on the income of companies that are set up as corporations. The amount you pay can change, so it’s important to keep up with the latest rate. In 2024, the rate is 4%.

Also, Oklahoma has a sales tax. This is a tax that businesses add to the price of the products they sell. You need to collect this tax from your customers and then give it to the state. It’s important to always know how much this tax is and how it applies to what you’re selling. Currently, Oklahoma sales tax is set at 4.5%.

Local Enid Taxes

In Oklahoma, apart from the state taxes, local cities and counties might have their own taxes. You should know about these different local taxes because they can change how much you need to charge for your products or services. For instance, the sales tax rate in Enid, Oklahoma, in 2024, is 9.1%. It includes the Oklahoma taxes, the Garfield County taxes, and the City of Enid taxes.

Tax Credits and Incentives

In Oklahoma, there are special tax benefits and incentives to help small businesses. These are perks or discounts on your taxes that can save you money. They are there to encourage companies to invest in specific parts of Oklahoma or hire people who live in Oklahoma. For example, the Quality Jobs Program offers businesses a rebate for creating a certain number of jobs that pay well and provide insurance benefits. It’s designed to motivate businesses to create more jobs that pay good wages in Oklahoma.

Employment Taxes

As an employer in Oklahoma, you are responsible for several employment-related taxes. This includes withholding state income tax from your employee’s wages, as well as paying unemployment insurance. Understanding the rates, filing requirements, and deadlines for these taxes helps you to avoid penalties.

The Value of Record-Keeping

Keeping good records is maybe the most important part of following all of Oklahoma’s tax laws. You should carefully track all of your income and expenses while being aware of how each of those things are taxed. Hiring a professional to help you set up a new record-keeping system can protect you if you’re ever audited.

Call Outhier & Caruthers, PLLC, For All Your Small Business Needs

Navigating Oklahoma tax laws can be challenging, but understanding them is crucial for the success of your business. At Outhier & Caruthers, PLLC, we provide tailored tax advice and support to businesses in Enid and across Oklahoma. Call us today at (580) 234-6600 for a consultation. Let us help you navigate your small business taxes with confidence and ease.

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