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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 540
Experience:  Tax attorney and accountant
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Will someone please explain

Customer Question

Ok so in our state they trying to push thru legislation about double taxation stuff. We r an s Corp and we r trying to figure this out. It's says It will eliminate state tax deduction or something like that. How can we tel what figure that is off of our 2015 forms
Submitted: 6 months ago.
Category: Tax
Expert:  PDtax replied 6 months ago.
Hi from just answer. I'm PDtax. What state are you referring to?
Customer: replied 6 months ago.
Oklahoma. We itemize our s Corp but not personal. Where did you go
Customer: replied 6 months ago.
Where did you go
Customer: replied 6 months ago.
If you respond to a customer and they send a response why don't you respond back
Expert:  Mark Anderson replied 6 months ago.
Can you provide more information. It looks like it a pass through entity:http://www.tax-rates.org/oklahoma/corporate-income-tax
Expert:  Mark Anderson replied 6 months ago.
You would think they would provide some info:https://www.ok.gov/tax/faqs.html#c401
Customer: replied 6 months ago.
They are trying to pass a double deduction thing. Apparently we itemize our health, tax pay, chatty, mort interest and i think that's it. Well we deduct it federal and right now on state. I guess they are trying to change that. So I took the amount on that line and times it by 15% ( % we pay in taxes) I guess hats what we would owe? Total deductions/federal deductions on our state tax form...24000
Expert:  Mark Anderson replied 6 months ago.
I am unable to see anything about it:https://www.ok.gov/tax/faqs.html
Expert:  Mark Anderson replied 6 months ago.
Do you know the bill number?
Expert:  Mark Anderson replied 6 months ago.
http://taxfoundation.org/article/not-kansas-anymore-income-taxes-pass-through-businesses-eliminated
Expert:  Mark Anderson replied 6 months ago.
http://www.nolo.com/legal-encyclopedia/oklahoma-state-income-tax.html
Expert:  Mark Anderson replied 6 months ago.
https://oklahoma.maxfilings.com/KC-differences-between-c-corporations-s-corporations.php
Customer: replied 6 months ago.
Google koco.com and click more stories and then click tax revanue to effect pocketbooks
Expert:  Mark Anderson replied 6 months ago.
You can try to search for it:http://oklegislature.gov/#
Customer: replied 6 months ago.
I don't know. The news article is all I know
Expert:  Mark Anderson replied 6 months ago.
Can you send the link? I can't find it.
Expert:  Mark Anderson replied 6 months ago.
I found it.
Expert:  Mark Anderson replied 6 months ago.
For instance, one measure would eliminate the state personal income tax “double deductions.”The “double deduction” tax break mostly benefits higher-income taxpayers who itemize their deductions and deduct what they paid in state and local taxes on their state income tax returns.
Customer: replied 6 months ago.
So since we itemize those things listed is that us
Expert:  Mark Anderson replied 6 months ago.
Apparently it would change the way you could itemize what you pay in state and local taxes on your state income tax returns not double taxation for corporations.
Customer: replied 6 months ago.
So I was right that total times it by 15%. The % we pay. The total on the schedule a
Expert:  Mark Anderson replied 6 months ago.
If that is the itemized deductions.http://www.tax-rates.org/oklahoma/income-tax
Expert:  Mark Anderson replied 6 months ago.
http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2015/4/10/states-look-at-axing-double-deduction-tax-break
Expert:  Mark Anderson replied 6 months ago.
http://okpolicy.org/limiting-itemized-deductions-would-improve-the-fairness-and-adequacy-of-the-state-income-tax/
Expert:  Mark Anderson replied 6 months ago.
Typically you get to write of federal taxes on the state if you itemize. Oklahoma allows you to write off state taxes too. Apparently, they are thinking of changing it.
Expert:  Mark Anderson replied 6 months ago.
Here are some of the bills:https://legiscan.com/OK
Expert:  Mark Anderson replied 6 months ago.
http://webserver1.lsb.state.ok.us/cf_pdf/2015-16%20INT/SB/SB1606%20INT.PDF
Customer: replied 6 months ago.
So we would owe 24000 times 15% = .... That's what we would owe
Expert:  Mark Anderson replied 6 months ago.
Where are you getting 15%. I just think you will not be able to deduct state taxes in calculating Ok Taxable income.https://www.ok.gov/tax/documents/511Pkt-15.pdf
Expert:  Mark Anderson replied 6 months ago.
Do you have a CPA? You might want to ask you local CPA.