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Oklahoma first enacted an individual income tax in 1915 and then a corporate income tax in 1931. Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of property. Income taxes are now the largest source of revenue for the State government ...
An investment normally counts as a cash equivalent when it has a short maturity period of 90 days or less, and can be included in the cash and cash equivalents balance from the date of acquisition when it carries an insignificant risk of changes in the asset value. If it has a maturity of more than 90 days, it is not considered a cash equivalent.
Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.
Every little bit helps when it comes to saving on taxes. Here's what to know about the homestead exemption in Oklahoma including manufactured housing.
Tax benefits: If you itemize deductions your tax returns, you might be able to deduct the interest on home equity loans or lines of credit, provided the money is used to “buy, build or ...
Reverse mortgage: If you’re 62 or older and have substantial equity in your home, you could swap some of that equity for cash with a reverse mortgage. Under this arrangement, you’ll receive ...
The Doctrine of Cash Equivalence states that the U.S. Federal income tax law treats certain non-cash payment transactions like cash payment transactions for federal income tax purposes. [1] The doctrine is used most often for deciding when cash method (as opposed to accrual method ) taxpayers are to include certain non-cash income items.
It follows that as state's per capita income rises, its tax receipt also increases. The data between changes in per capita taxes to the national averages in ratio to the changes in the per capita income to the national average has a correlation of .88 (Leonard and Walder, Page 56-57).