Income Tax Lawyers in Tulsa, Oklahoma

Find the right Income Tax attorney in Tulsa, OK

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The income tax in Tulsa, Oklahoma is a tax imposed on all money earned and received during the year. Under federal law, income through any source may be taxed. The federal government imposes an income tax on all persons and entities present in the United States. The authority to tax incomes was granted to the federal government in 1913 with the ratification of the 16th Amendment to the Constitution. Before that time, the Supreme Court had found a federal income tax unconstitutional, prompting the passage of the amendment. Of course, individual states, including Oklahoma, were allowed to impose income taxes as they saw fit.

Everyone in the U.S. is subject to the federal income tax. But you are only subject to the income tax of the state in which you live. Some states have no income tax at all. You should speak with an accountant or tax Lawyer in Tulsa, Oklahoma if you don't know what the tax system is here.

Income Tax Deductions in Tulsa, Oklahoma

A tax deduction is an expense which, in whole or in part, is subtracted from a person's taxable income. For example, if you make ,000 in a year, and the tax rate is 10%, a reduction of ,000 results in only ,000 being taxed. This means that you will pay ,900 instead of ,000.

This should not be confused with a tax credit, which is simply a reduction in somebody's tax bill. A tax credit will typically reduce your tax liability far more than a tax reduction of the same amount.

Many common expenses in Tulsa can be deducted from your taxable income. They include mortgage interest, charitable contributions (if property documented, of course), the price of tax advice, union dues, and many others.

How Can A Tulsa, Oklahoma Tax Attorney Help?

Income tax law can get fairly complex in Tulsa, Oklahoma. If you have any questions about your income tax liability, you should not hesitate to speak with a tax Lawyer sooner, rather than later.

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Life in Tulsa

Tulsa has been diversifying it's oil industry controlled economy. In doing so, Tulsa has become the second largest city in the State of Oklahoma and a major center for high tech, finance, aerospace, and telecommunications technology development and manufacturing. Tulsa acts as the most important manufacturing hub in Oklahoma and produces nearly 60% of the goods exported from Oklahoma. Financial institutions like BOK Financial Corporation are headquartered in Tulsa alongside business like QuikTrip, Dollar-Thrifty car rental, Hilti, and gas related companies like Sem Group, Synthroleum, and Excel Energy. Attesting to how well the city is doing, the housing trends show a 6% increase in rent last year. So what else does Tulsa have to offer?

The University of Tulsa, Oral Roberts University, Rogers State University, and Tulsa Community College each accept students seeking higher educations. The University of Tulsa was ranked among the best doctoral universities in the United States by U.S. News World Report and one of the top masters institutions by the Princeton Review. The Cancer Treatment Centers of America have their Southwest Regional cancer treatment facility in Tulsa which is located at the Southwest Regional Medical Center. It's one of the largest cancer treatment hospitals in the nation.