The state’s individual income tax return form is Form 501 for Oklahoma. You must submit this form and pay any state taxes due if you are an Oklahoma resident or have income from Oklahoma sources. Where do you submit Oklahoma Form 501, though? The solution is straightforward: you either mail it to the Oklahoma Tax Commission (OTC) or submit it electronically through the Oklahoma Taxpayer Access Point (OTAP).
You must first register for an account on the OTAP website before you can submit your Oklahoma Form 501 electronically. Your Social Security number or taxpayer identification number, filing status, and taxable income for the prior year must all be provided. Once you’ve set up an account, you can file your return online and pay any taxes due with a credit card, debit card, or electronic check after you’ve made your account.
Download Oklahoma Form 501 from the OTC website and mail it to the address provided if you’d rather file a paper return. Be sure to carefully read the directions before mailing your return since the address may change depending on your location and the type of return you are filing. A check or money order made out to the Oklahoma Tax Commission should be included with your return for any additional payments that are required.
After submitting your Oklahoma Form 501, you might be interested in learning how to calculate your state tax liability. By phoning the OTC at (405) 521-3160 or visiting the OTAP website, you can find out the status of your return and any payments. Before filing your return, you can also estimate your tax burden using the OTC’s online tax calculator.
If you own a business in Oklahoma, you might need to get a sales tax permit in order to collect and send the state’s sales tax. You can submit a paper application to the OTC or apply for a permit online using the OTC’s Business Registration System. Check the instructions carefully before applying as the application process may differ based on your business structure and the kind of products or services you offer.
Oklahoma nonprofit organizations may be free from paying sales tax on specific purchases, but they must first receive a certificate from the OTC stating that they are. The organization must use the purchases only for its tax-exempt purposes and be recognized as such by the Internal Revenue Service in order to be eligible for the exemption.
Last but not least, if you own a company in Oklahoma and have workers, you might need to open a new pass-through withholding account with the OTC. You are able to withhold and submit state income tax on behalf of your employees using this account. You can submit a paper application to the OTC or apply for a pass-through withholding account online using the OTC’s Business Registration System.
In conclusion, taxpayers in Oklahoma must complete Oklahoma Form 501. You can mail your return to the OTC or submit it electronically via the OTAP. The Oklahoma Tax Commission has instructions on how to get a sales tax permit, apply for a sales tax exemption certificate, set up a new pass-through withholding account, and determine how much Oklahoma state taxes you owe.