Our small business online advice columnist. CCH Online Store Books on small business topics. Free E-mail Newsletter Monthly updates on developments affecting small businesses. If you are a resident or nonresident of Oklahoma and receive taxable income individually from property owned or business transacted in Oklahoma, you are subject to tax on net income. Therefore, if you are operating your business as an S corporation , partnership , limited liability company , or sole proprietorship , you will be subject to a personal income tax on your business income that passes through to you.
Taxpayers compute the tax both ways and pay the lesser amount.
Oklahoma defines itemized deductions the same as the IRS, and you must itemize on your federal return to itemize on your Oklahoma return. Changes for 2002. All Rights Reserved.