Recently, tax policy has been at the center of some of the fiercest battles in American politics. The Oklahoma state budget outlook has greatly improved, with initial projections of over $700 million in additional revenue available for the Legislature to appropriate. All thanks to our strong economy and recent tax increases. An experienced tax attorney in Tulsa can elevate your options when dealing with personal and business taxes. In addition to major income taxes, here is a list of several other types of taxes that Oklahomans should be aware of.
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In Oklahoma, seventeen percent of the total state and local tax revenues comes from property taxes. This type of tax is the oldest in America and considered a wealth tax as opposed to the taxing of sales or income. In Oklahoma only 0.74% of your properties market value is taxed. States with no income tax generally have higher state taxes. While individuals who rent property instead of owning property avoid this tax altogether.
An estate tax in not taken in the State of Oklahoma. However, if your estate values over eleven million as a single person or twenty-two million for a couple Federal estate taxes will apply. The property you leave behind when you die can occur taxes. Leaving behind more than the standard limit leaves your heirs a heavy tax burden. Find your Tulsa Estate Planning Attorney.
Civil audits generally go hand in hand with criminal investigations of your taxes. The most common criminal charge associated with taxes is fraud and evasion. In order to qualify for criminal charges multiple factors must be present. Some of those factors include:
Knowing how to protect your rights in criminal tax matters is vital to a favorable outcome.
Businesses and corporations often encounter potentially damaging tax difficulties. When considering interest and penalties there is zero room for error. Business taxes can be time consuming and falls in different years depending on government discretion. Knowing full detail of your gross income is also vital when facing of against the IRS. The same can be said with state taxes if you operate your company in multiple states. Add employee taxes and business deductions to the previous variables and Oklahoma business taxes can become overwhelming. Obtaining the appropriate council can make all the difference when dealing with business and employment taxes.
The taxing authority of the United States extends far beyond its natural borders. Whether you are a foreign national in the U.S. or are a U.S. national living abroad a tax attorney can relieve overwhelming stress. Operating a business overseas brings increased tax complications. Investing in an international tax attorney can insure you follow all foreign tax compliance regulations increasing your chances of avoiding fines and criminal charges.
State taxes are the most common form of taxes to everyday Americans. Each year Oklahomans sit down, total their annual income and assets, and pay in the appropriate amount of taxes due to the government. Income tax, sales tax, withholding tax and unemployment tax all qualify as concerning state level issues.
An IRS audit can be time consuming and stressful. Choosing the right attorney can relieve the stress that stems from an audit. The audit process is designed to insure all financial reporting is accurate and verified. If inaccuracies are found the amount must be repaid to the government. All appeals go through The Office of Appeals, within the IRS, in order to resolve tax disputes without court. Appeals are only reviewed after the IRS has reached a conclusion. Mediation services are available to avoid court action later in the process.
IRS civil tax litigation cases takes place in multiple courts. Understanding the rules and procedures for each separate court is crucial. When the dollar amount placed on you by the government is too much, litigation is an option. In litigation, the best results are yielded when you start as soon as possible. It is recommended that litigation begin as soon as the audit process has started. Approaching litigation in this manner tends to result in a more favorable outcome for the taxpayer, including pre-trial settlements.
The IRS is allowed to place liens on personal property and engage in collection actions forbidden to other creditors. Resolve your IRS collections cases by exploring options to help pay back tax revenue through Installment Agreements or Offers in Compromise. Failing to resolve a collection case can result in outrageous fees allowed by current laws. This interest will accrue until your account is paid in full. There are currently no interest relief options available.
Whether you are an individual who is seeking a fresh start or own a struggling business that needs the protection, bankruptcy is an option available to the public. Current bankruptcy options include:
Chapter 7 and Chapter 13 are the two most common forms of bankruptcy.
When there have been difficulties and misunderstandings between you and the IRS concerning your taxes, it is not uncommon for them to take action against you. This can result in your assets and accounts being frozen, your property being seized, and your entire life being turned upside down. If you are up against the government and its vast resources and you need legal representation in a complex tax matter, use the Tulsa Attorney Directory to speak with legal representation that can provide qualified insight for your unique case.