Tax strategy for Tulsa business owners

Planning for Tulsa’s industries

Tulsa has deep roots in energy and a long history in aerospace, and around those sit manufacturers, engineering firms, healthcare providers, and the service companies that support them. Many are owner-run businesses that grew into $1 million or more in revenue, with real equipment, real payroll, and work that can cross state lines.

Those businesses tend to have more planning opportunities, not fewer: manufacturing credits, research credits, depreciation on heavy equipment, and decisions about structure and an eventual sale. Brooks Brown, EA, Tax Strategist, helps Tulsa owners find the ones that fit and put them in place all year.

Oklahoma and federal strategies for Tulsa owners

• Oklahoma Investment/New Jobs CreditTulsa’s manufacturers, including aerospace and energy suppliers, may earn an Oklahoma credit for five years when they invest in equipment or facilities or add jobs. It’s easy to miss without a plan that watches for it.
• The Oklahoma PTE electionS corps and partnerships can elect to pay Oklahoma tax at the business level at 4.75% and deduct it federally. The owner’s share of that income is then excluded from Oklahoma personal tax, which tops out at 4.5%. We show business and personal taxes separately.
• The research creditDeveloping or improving products, processes, or software may qualify for a federal credit.
• Intangible drilling costsInvestors in oil and gas working interests may deduct much of the drilling cost in the first year.
• Selling to an ESOPFor owners planning an exit, selling to employees can defer tax on the sale when the rules are met.

Sales tax is included too. If you sell taxable goods or services in Tulsa and other Oklahoma cities, we track and file sales tax alongside your books and payroll.

See all 46 tax strategies