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The 504 Oklahoma form serves as an essential tool for individuals and businesses seeking an extension of time to file their income tax returns in Oklahoma. This application is specifically designed for those who need more time to prepare their returns, but it is crucial to note that it does not extend the deadline for tax payment. The form requires basic information, such as the taxpayer's name, address, and Social Security number, or, in the case of corporations and partnerships, their Federal Identification Number. Importantly, to qualify for an extension, taxpayers must ensure that at least 90% of their tax liability is paid by the original due date. The form also includes a worksheet to help calculate any payments owed. Taxpayers must submit this application before the due date of their returns, or they risk incurring penalties and interest on unpaid taxes. Additionally, specific rules apply to different entities, such as corporations and partnerships, regarding the length of the extension and the necessity of separate applications for joint filers. Understanding these details is vital for anyone looking to navigate the complexities of Oklahoma's tax filing process.
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Important Questions on 504 Oklahoma
What is the purpose of the 504 Oklahoma form?
The 504 Oklahoma form is used to request an extension of time to file an Oklahoma income tax return. It is important to note that this form does not extend the time for payment of any tax owed. The extension allows taxpayers additional time to prepare and submit their tax returns while ensuring that at least 90% of the tax liability is paid by the original due date.
Who needs to file the 504 Oklahoma form?
Individuals, corporations, partnerships, estates, and trusts that require additional time to file their Oklahoma income tax returns should complete this form. It is particularly necessary for those who owe additional state income tax or do not have a federal extension in place. Each taxpayer must file a separate application if filing jointly.
What are the payment requirements for the extension to be valid?
To ensure the extension is valid, at least 90% of the total tax liability must be paid by the original due date of the return. Failure to meet this requirement may result in penalties and interest charges. It is crucial to calculate and remit the appropriate amount when submitting the form.
How long can the extension last?
The extension period granted cannot exceed six months for individuals and partnerships, or seven months for corporations. If a longer extension is needed, the taxpayer must provide a valid reason on the form. This limitation ensures timely filing while allowing for necessary preparation time.
What happens if I do not file the 504 Oklahoma form on time?
If the form is not submitted by the due date for filing the income tax return, the extension may not be granted. Additionally, a delinquent penalty of 5% may be charged if at least 90% of the total tax liability has not been paid by the original due date. Interest will accrue at a rate of 1.25% per month on any unpaid balance.
Can I use the 504 Oklahoma form for franchise tax purposes?
No, the 504 Oklahoma form is specifically for income tax returns and should not be used to remit franchise tax. Taxpayers must use a separate tentative franchise tax return (Forms 200 or 215) for franchise tax purposes. This distinction is crucial to avoid any processing errors.
What should I do with the completed 504 Oklahoma form?
Once the form is completed, the top portion should be cut along the dotted line and mailed to the Oklahoma Tax Commission at the designated address. It is important to retain the bottom portion for personal records. Ensure that it is postmarked by the due date for filing the income tax return.
Is there an automatic extension for military personnel?
Yes, members of the active military service who are stationed outside the United States or confined to a hospital are granted an automatic extension without the need to file the 504 form. This extension lasts until the 15th day of the third month following their return to the United States or their release from the hospital.
How to Write 504 Oklahoma
Once you have gathered all necessary information, you can begin filling out the 504 Oklahoma form. This process requires careful attention to detail to ensure that all required fields are completed accurately. Follow these steps to successfully fill out the form.
- Start by entering the taxable year in the designated fields. This includes the beginning and ending dates for the tax year.
- For individuals, fill in your first name, middle initial, and last name. If filing jointly, include your spouse’s name as well.
- For corporations, partnerships, trusts, or estates, provide the legal name of the entity.
- Complete your present address, including the number and street, city, state, and zip code.
- Input your Social Security Number and, if applicable, your spouse’s Social Security Number.
- Corporations, partnerships, trusts, or estates must enter their Federal Identification Number.
- Indicate the date for which an extension of time to file with the IRS has been granted.
- Specify the date you are requesting for the extension of time to file with the Oklahoma Tax Commission.
- If applicable, state the reason for requesting an extension longer than the standard period for corporations or partnerships.
- Sign and date the form. If filing jointly, both spouses must sign.
- If applicable, have the paid preparer sign the form.
- Finally, enter the amount you are paying, if any, from line 7 of the worksheet.
Once the form is completed, ensure that you mail it to the Oklahoma Tax Commission by the due date to avoid penalties. Keep a copy of the completed form for your records.
Similar forms
The IRS Form 4868 is an application for an automatic extension of time to file a federal income tax return. Like the Oklahoma Form 504, it allows taxpayers to request additional time to submit their tax returns without incurring penalties, as long as they pay at least 90% of their tax liability by the original due date. Both forms emphasize that the extension is only for filing, not for payment, and they require taxpayers to provide their identifying information. This form is crucial for individuals who need more time to prepare their federal returns.
The California Form 3519 serves a similar purpose for residents of California. This form allows taxpayers to request an extension to file their state income tax returns. Similar to the Oklahoma form, it requires payment of a portion of the tax liability to avoid penalties. Both forms aim to ease the burden on taxpayers who may need extra time to gather necessary documents or complete their returns accurately.
The New York State Form IT-370 also functions as an extension application for state income tax returns. Taxpayers can use this form to request additional time, provided they pay their estimated tax liability by the original deadline. Like the Oklahoma Form 504, it stresses that the extension is solely for filing and not for payment. This ensures that taxpayers remain compliant while managing their financial obligations.
The Florida Form DR-501 is used for requesting an extension for filing Florida corporate income tax returns. This form is similar to the Oklahoma 504 in that it requires the payment of a significant portion of the tax liability upfront. Both forms aim to prevent penalties by ensuring that taxpayers take proactive steps in managing their tax responsibilities, highlighting the importance of timely communication with tax authorities.
When dealing with the transfer of personal property, having a proper document is essential. For instance, utilizing a specific bill of sale can streamline this process significantly. For more information on creating your own, visit this helpful guide on the bill of sale.
The Texas Form 05-102 is another extension request form, specifically for Texas franchise tax. Like the Oklahoma Form 504, it allows businesses to apply for additional time to file their returns, provided they pay a portion of their tax liability. Both forms emphasize the need for timely payments to avoid penalties, ensuring that taxpayers understand the importance of their financial obligations.
The Illinois Form IL-505-I serves as an extension application for individual income tax returns in Illinois. Similar to the Oklahoma 504, it requires taxpayers to pay a portion of their tax liability to qualify for the extension. Both forms focus on providing taxpayers with more time to prepare their returns, while also emphasizing the need for compliance with payment requirements to avoid penalties.
Finally, the Massachusetts Form M-4868 is an extension application for state income tax returns in Massachusetts. It mirrors the Oklahoma Form 504 in that it allows taxpayers to request more time to file, contingent upon paying a significant portion of their tax liability. Both forms highlight the importance of timely payments and compliance, ensuring that taxpayers are aware of their obligations while seeking necessary extensions.
Example - 504 Oklahoma Form
#1695# ITE
APPLICATION FOR EXTENSION
OF TIME TO FILE AN OKLAHOMA INCOME TAX RETURN
(This is NOT an extension of time for payment of tax)
For the year January 1 - December 31, or other taxable year beginning ________________ , 2010 ending ______________, ______.
FORM
504
2
0
1
0
INDIVIDUALS: Your irst name, middle initial and last name
INDIVIDUALS: If joint return, spouse’s irst name, middle initial and last name
CORPORATIONS: Corporate, Partnership, Trust or Estate Name
Present address (number and street, including apartment number or rural route)
City, State and Zip
Your Social
Security Number:
Spouse’s Social
Security Number:
CORPORATIONS, PARTNERSHIPS, TRUSTS, ESTATES:
Federal
Identiication
Number:
IMPORTANT: EXTENSION IS VALID ONLY IF 90% OF THE TAX LIABILITY IS PAID BY THE ORIGINAL DUE DATE.
An Extension of Time to File with the IRS has been granted to: |
DATE ________________________ |
Extension of Time to File with the Okla. Tax Commission is requested to: |
DATE ________________________ |
If requesting a total of more than 6 months for corporations or more than 5 months for partnerships, estates or trusts, please state reason here: ________________________________________________________________________
SIGNATURE Under penalty of perjury, I declare that the information contained in this document, attachments and schedules are true and correct to the best of my knowledge and belief.
Your Signature (* If corporation, partnership, estate, or trust, see below) |
Date |
Paid Preparer’s Signature |
|
|
|
Spouse’s Signature (if iling jointly, BOTH must sign even if only one had income) |
Date |
Date |
Amount you are paying: (from line 7).
$
*If corporation, partnership, estate, or trust (oficer, partner, member, iduciary signature is required)
# |
# |
# |
# |
# |
This is NOT an extension of time for payment of tax!!
APPLICATION FOR EXTENSION OF TIME
TO FILE AN OKLAHOMA INCOME TAX RETURN WORKSHEET
The bottom portion of this form is a worksheet to compute your payment. Please retain for your records. Enter the total from line 7 of the worksheet on the coupon above. Return the top portion with your payment, if applicable.
OKLAHOMA INCOME TAX COMPUTATION (Do not use to remit franchise tax; see instruction number 7 on back)
1.Total income tax liability (you may estimate this amount).........................................
Note: You must enter an amount on line 1. If you do not expect to owe tax, enter zero.
1
00
2.Oklahoma income tax withheld...............................................
3.Estimated tax payments (include prior year overpayment allowed as a credit).................................................................
4.Other payments and credits you expect to claim
on your return .........................................................................
2
3
4
00
00
00
5.Add lines 2, 3 and 4..................................................................................................
6.Income tax balance due (subtract line 5 from line 1)................................................
7.Amount you are paying. (Enter here and on the coupon above)...........................
Important: Extension is valid only if 90% of the tax liability is paid by the original due date
5
6
7
00
00
00
FORM 504 - APPLICATION FOR EXTENSION OF TIME TO FILE AN OKLAHOMA INCOME TAX RETURN
GENERAL INFORMATION
An extension of time to ile your income tax return shall not be granted unless 90% of the tax liability is paid on or before
the original due date of the return.
Since the Oklahoma return cannot be completed until the Federal return is completed, the Oklahoma Tax Commission has
administratively adopted the policy of honoring the automatic Federal extension, when no additional state tax is due, as an extension of time to ile the Oklahoma return. When you ile your Oklahoma return, simply enclose a copy of the Federal
extension.
You only need to use this form to apply for additional time to ile your income tax return when you owe additional Okla-
homa income tax or do not have a Federal extension. Also, corporations, partnerships, estates and trusts need to use this form when iling for additional time beyond that granted by the Federal extension. When you ile your Oklahoma return,
enclose a copy of the Oklahoma Extension.
Remember, you cannot get an extension of time to pay your income tax, but only to ile your return. Delinquent pen- alty of 5% may be charged, if at least 90% of your total tax liability has not been paid by the original due date. Delinquent
interest, at the rate of 1.25% per month, may be charged if 100% of your tax liability is not paid by the original due date of the return.
INSTRUCTIONS
1.An extension cannot be granted for more than
2.Applications for extensions of time must be postmarked on or before the due date for iling the income tax return, or before the expiration of the automatic Federal extension.
3.An automatic extension, without request, is granted to members of the active military service serving outside the
United States or conined to a hospital. Such extension is granted to the 15th day of the third month following their return to the United States, or their release from a hospital.
4.This application may not be used to request an extension of time for the payment of tax. Interest will be charged at the rate of 1.25% per month from the original due date of the return until paid.
5.If husband and wife ile separate returns, each must ile application for an extension. Attorneys or agents for the tax- payer must prepare separate applications for each extension requested.
6.Any extension granted is pursuant to the provisions of Section 216 of the State Tax Uniform Procedure Act and the Oklahoma Tax Commission.
7.Do not use this form to remit franchise tax. The remittance of estimated franchise tax must be made on a ten- tative (estimated) franchise tax return (Form 200 or 215).
8.Cut Form 504 along the dotted line and submit the top portion of the Application for Extension of Time to File an Okla- homa Income Tax Return.
Mail to: Oklahoma Tax Commission
Income Tax P.O. Box 26890
Oklahoma City, Oklahoma
Documents used along the form
When filing the 504 Oklahoma form, there are several other documents that may be helpful to complete your tax obligations. Below is a list of forms and documents commonly used alongside the 504 form. Each document serves a unique purpose in the tax filing process.
- Form 1040: This is the standard individual income tax return form used by U.S. taxpayers to report their annual income. It is essential for calculating your total tax liability.
- Form 4868: This form is used to request an automatic extension of time to file your federal income tax return. If you have a federal extension, you may not need to file the 504 form unless you owe additional state tax.
- Form W-2: Employers provide this form to report an employee's annual wages and the taxes withheld. It is crucial for completing your income tax return accurately.
- Form 1099: This form is used to report various types of income other than wages, salaries, and tips. Freelancers and independent contractors often receive this form.
- Boat Bill of Sale: When buying or selling a boat in California, filling out the legalpdf.org Boat Bill of Sale form is essential to ensure the transaction is officially documented and to facilitate the boat's registration and titling.
- Form 200 or 215: These forms are used for remitting estimated franchise tax. If you are a business entity, you may need to submit one of these forms instead of the 504 for franchise tax purposes.
- Schedule C: This form is used by sole proprietors to report income or loss from a business they operated or a profession they practiced. It helps in determining your net profit or loss.
- Form 941: Employers use this form to report income taxes, Social Security tax, and Medicare tax withheld from employee's paychecks. It is important for businesses to stay compliant with tax obligations.
- Form 1098: This form reports mortgage interest paid during the year. Homeowners can use it to claim deductions on their tax returns.
Having these forms ready can simplify your tax filing process and ensure you meet all necessary requirements. Make sure to gather all relevant documents before you begin your tax preparation to avoid any delays.
Key takeaways
1. The 504 Oklahoma form is specifically designed for requesting an extension of time to file your income tax return, not for delaying payment of taxes owed.
2. To ensure the extension is valid, you must pay at least 90% of your tax liability by the original due date of your return. Failure to do so may result in penalties.
3. This form is necessary if you owe additional Oklahoma income tax or do not have a federal extension. If you have a federal extension and no additional state tax is due, you can simply attach a copy of the federal extension to your Oklahoma return.
4. The maximum extension period allowed is 6 months for individuals and partnerships, and 7 months for corporations. Extensions cannot exceed half of the accounting period covered by the return.
5. Applications for extensions must be postmarked on or before the due date of the return or before the expiration of any automatic federal extension.
6. Remember, if you are married and filing separately, both spouses must submit their own applications for an extension. Each application must be prepared separately, even if filed jointly in the past.