Filing a tax extension in Oregon can provide you with additional time to prepare an accurate return and avoid late-filing penalties. Here’s how businesses and individuals can file a tax extension in Oregon.
1. Do You Need to File an Oregon Extension?
- Individuals: Oregon automatically grants an extension if you file for a federal tax extension (Form 4868). No separate Oregon form is required unless you owe state taxes.
- Businesses: Business entities like corporations must file for an extension using Oregon Form OR-40-V if taxes are owed.
Key Note: An extension gives you more time to file, but not to pay taxes. Any tax owed must still be paid by the original deadline (April 15 for most individuals).
2. Steps for Individuals
If you’re filing a federal tax extension:
- File IRS Form 4868: Submit this form to the IRS by the tax deadline.
- Pay Oregon Taxes Due: Use Oregon Form OR-40-V to make an estimated payment.
- Include your Social Security Number and mark “Extension Payment” on the form.
- Submit Form OR-40-V Online or By Mail**:
- Online: Use the Oregon Revenue Online portal (https://revenueonline.dor.oregon.gov).
- Mail: Send the form and payment to:
Oregon Department of Revenue
PO Box 14555, Salem, OR 97309-0940
3. Steps for Businesses
- Corporations and Partnerships: File Form OR-20-V or the applicable payment voucher for your business type.
- Online Filing and Payment: Use the Oregon Revenue Online portal.
- Mail Instructions: Include payment and the extension voucher, sent to the Oregon Department of Revenue at the designated address for your business type.
4. Deadlines
- Individuals: File Form 4868 and pay state taxes by April 15.
- Businesses: File forms and payments by the 15th day of the 4th month after the end of your fiscal year.
5. Penalty Note
Failing to pay taxes by the original deadline results in penalties and interest. Oregon assesses a 5% penalty for unpaid taxes at the original due date, with an additional 20% for returns filed over three months late.
6. Key Resources
- Oregon Revenue Online: https://revenueonline.dor.oregon.gov
- IRS Extension Form: Form 4868
- Oregon Tax Forms: Oregon Department of Revenue Forms
Proper planning and filing your extension on time can save you from penalties and ensure you meet all obligations. If you need more guidance, consult a tax professional or contact the Oregon Department of Revenue.
Disclaimer: This blog is for informational purposes only. Always consult with our firm for personalized advice.
