All Oklahomans earning $1000 or more during the year, even part year residents or non-residents who earned income in Oklahoma, are required to file an Oklahoma State Income Tax return. The following tips and links will help guide you.
Gather All Necessary Paperwork
The very first step is organization. You should have received all W-2s or other relevant income documentation by the 1st week of February or so. Make sure you have all receipts or expense documentation in front of you.In addition, be sure to have the correct Oklahoma Tax Commission packet. If you're a resident, you'll need the 511 packet. The 511-NR is designated for non-residents. For business-related filing, check the corporate forms.
Decide Filing Method
Oklahoma allows several different filing options for state income taxes. You can file the traditional way using the paper forms in the topic above, or you can opt to file online. Online filing is available through several software developers working with the IRS. Free filing is available for Oklahoma residents that meet certain requirements, depending on the company.You can also file through many popular tax software programs including TurboTax and TaxCut or have your taxes prepared.
Be Aware of Any Tax Changes
Most years, there are small changes to the tax code that may require you to do something differently than in the past. Make sure you're aware of them. For example, Oklahoma re-emphasized sales tax on internet purchases a couple of years ago. Typically, your tax forms or software will inform you, so read carefully.Areas of change for Oklahoma in 2008 include:
- Top tax rate decrease
- Standard deduction increase
- Expanded Child Care Credit
- Income limits for the "Other Retirement Income" exclusion increase
- Capital Gain Deduction expanded
Check the Particulars
The devil is in the details, as they say, and that's certainly true when it comes to filing. First, check the simple things. Make sure all appropriate identifications are correct such as social security numbers and spelling. If you need to change your address with the Oklahoma Tax Commission, there are several ways to do so.In addition, be sure of your filing status. If you're self-employed, you may need to pay estimated tax, and non-residents need to know all taxable sources of income.
Dig In and Start the Math
The tax packets have instructions to help guide you through the form, and compared to a federal return, the Oklahoma filing is quite simple. Nevertheless, be sure to watch a few key things.- Round all amounts to nearest dollar.
- Make sure you have completed your federal return before your Oklahoma return.
- Read carefully the line by line instructions to make sure you take advantage of all possible credits.
- Keep track of all schedules and forms that must be sent along with your return.
Proofread, Photocopy and Submit
Once you finish the nuts and bolts, you're nearly ready to submit your return. First, go over it again very carefully. There's a lot that can overwhelm as you move through the first time, so proofreading is essential. You may find a crucial mistake.After you're confident with it, make sure you sign it. Forgetting to sign a return is a common mistake and can cause all kinds of delays and problems.
It's also a good idea to photocopy all items you send to the OTC for your own records.
Miscellaneous Issues
There are a couple of miscellaneous issues that you may encounter along the way. First, if you are not able to get your return in on time, you may be eligible for an extension. If so, you'll need to submit Form 504.If you cannot afford to pay your tax bill, the OTC recommends paying as much as you can. You will then receive a bill with a minimum due. You can pay minimum payments once every 45 days 5 times to satisfy your amount due.
