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Oklahoma

Cottage Law vs Taxes on Income

This topic contains 3 replies, has 3 voices, and was last updated by  Anna Lynn 1 month ago.

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  • #4211

    Danielle

    If I am operating under the new OK state cottage law and selling baked goods from my home (no fresh fruit, and making under $20k/year) am I required to get any kind of business license or permit for tax purposes? Do I have to report anything for taxes?

    #4212

    Danielle

    Do I actually need an LLC or Tax ID if I am just operating under the Cottage law?

    #4229

    David Crabill
    Keymaster

    You definitely need to pay income taxes and you don’t need an LLC or tax ID. You may or may not need to get a business license — call up your planning division to find out. If you do not need to get a business license, then the state will classify you as a sole proprietorship by default.

    #100875

    Anna Lynn
    Participant

    If I operate my business under the new cottage law in the state of Oklahoma and sell baked goods from my house (I do not sell fresh fruit and my annual revenue is less than $20,000), am I need to obtain some form of business license or permit for the purposes of paying taxes? Do I need to declare anything to the government for my taxes? Elden Ring

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