Are there any tax credits or deductions available in Oklahoma?

Yes, there are several tax credits and deductions available in Oklahoma. Individuals and businesses may qualify for various tax credits, including the Earned Income Tax Credit (EITC), Child Tax Credit, and Low-Income Tax Credit. These credits can significantly reduce the amount of tax owed by eligible taxpayers. Additionally, individuals may be eligible for deductions such as the Standard Deduction, Personal Exemption, and itemized deductions for expenses like mortgage interest, property taxes, and charitable contributions. Businesses can also benefit from deductions like the Business Income Deduction, Investment/New Jobs Tax Credit, and Quality Jobs Program. It's important to note that eligibility requirements and specific guidelines vary for each credit and deduction, so taxpayers should consult the official Oklahoma Tax Commission website or seek professional advice to determine their eligibility and to maximize potential tax savings.