Tax strategist for Norman business owners

A Norman firm for Norman businesses

Norman’s economy is anchored by the University of Oklahoma and a strong healthcare community, and around them has grown a wide mix of owner-run businesses: practices, contractors, real estate investors, and service companies that started small and kept growing. Many of those owners reach $1 million or more in revenue and find that the tax setup that worked early on no longer fits.

That’s the point where a once-a-year return stops being enough. You’re making bigger decisions, about hiring, buying a building, adding a location, or paying yourself, and each one has a tax answer you want before you commit, not after. Brooks Brown, EA, Tax Strategist, works with Norman owners to plan those decisions all year.

Oklahoma tax planning that matters in Norman

Federal strategies get most of the attention, but Oklahoma rules can make a real difference for local owners. These are the ones we review with nearly every Norman business.

• The Oklahoma PTE electionAn S corp or partnership can elect to pay Oklahoma tax at the business level at 4.75%. That business tax can then be deducted federally, and the owner’s share of that income is excluded from Oklahoma personal tax, which tops out at 4.5%. We show the business tax and your personal tax separately so you can see what changes.
• Oklahoma Investment/New Jobs CreditQualifying manufacturers that invest in equipment or facilities, or add jobs, can earn an Oklahoma credit for five years.
• The S corp election and reasonable compensationSetting the right salary for the owner is one of the most common places Norman businesses leave money on the table.
• Cost segregationFor owners who buy their building or invest in rentals, front-loading depreciation can lower taxes in the early years.
• 529 superfundingMany Norman families are saving for college. Oklahoma offers its own deduction for 529 contributions, and we plan it alongside the federal side.

See all 46 tax strategies