What is in this article?:
- Checking on available tax credits a â€˜good investmentâ€™
- Check tax credits
- Some affect farms and ranches
- Some tax credits on hold
Business operators from all sectors and individual taxpayers should be taking time to ensure that any tax credit they have received in the past is still available to them and plan accordingly.
“Many Oklahoma credits available against corporate and individual income taxes are subject to a two-year moratorium from July 1, 2010, through June 30, 2012,” said JC Hobbs, Oklahoma State University Cooperative Extension tax education and farm management specialist.
A number of these tax credits have been around for a long time. Hobbs said many individuals and business operators have found themselves relying on one or more of the credits.
“The Oklahoma Agricultural Producers Credit and Poultry Litter Credit are two that directly affect many of our agricultural producers,” said Bill Burton, OSU Cooperative Extension area agricultural economist. “It really is a good investment to review what may or may not apply to your taxes, both in terms of time spent and, hopefully, your wallet.”