Get Ok Form 512-s 2020-2025

In Oklahoma, LLCs are taxed as pass-through entities by default, meaning the LLC passes its revenues and losses on to its members. Then members pay the state's graduated personal income tax rate ranging from 0.25% to 4.75% and the state's Pass-Through Entity Tax of 4%.

Oklahoma franchise (excise) tax is levied and assessed at the rate of $1.25 per $1,000.00 or fraction thereof on the amount of capital allocated or employed in Oklahoma.

In the closing days of the 2023 legislative session, Oklahoma lawmakers repealed the state's corporate franchise tax. and eliminated the marriage penalty. A marriage penalty typically occurs when two individuals with similar incomes marry; this is true for both high- and low-income couples. in its individual income tax.

Oklahoma's apportionment formula consists of sales, payroll and property weighted equally and a throwback rule which takes out-of-state sales and lumps them into a corporation's Oklahoma income when the corporation makes sales in a state that does not tax the income.

OK 512S Information All corporations having an election in effect under Subchapter S of the Internal Revenue Code (IRC) engaged in business or deriving income from property located in Oklahoma and that are required to file a federal income tax return using Form 1120-S, must file a return on Form 512-S.

Late franchise tax payments are subject to penalties of 10 percent of the tax owed and interest accrued at the rate of 1.25 percent monthly thereafter.

Every corporation organized under the laws of this state, or qualified to do or doing business in Oklahoma in a corporate or organized capacity by virtue or creation of organization under the laws of this state or any other state, territory, district, or a foreign country, including associations, joint stock companies ...