| Estimated Oregon Corporate Taxes |
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| What is estimated tax? |
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Estimated tax is the amount of tax you expect to owe when you file your Oregon corporation tax return. Oregon estimated tax laws are not the same as federal estimated tax laws.
You must make estimated tax payments if you expect to owe tax of $500 or more with your return. This requirement also applies if you are an S Corporation paying tax on income from built-in gains or excess passive investment income.
If you fail to make estimated payments as required, you may be subject to interest on any underpayment of estimated tax (UND).
Payment options
Estimated payments may be made by electronic funds transfer or by mail.
Electronic funds transfer (EFT). The department accepts corporation estimated payments by EFT. EFT reduces both the time and expense of processing payments and enhances accuracy.
You must make your Oregon estimated payments by EFT if you are required to make your federal estimated payments by EFT. The department may grant a waiver from participation in the EFT program if you would be disadvantaged by the requirement.
If you do not meet the federal requirements for mandatory participation in the EFT program, you may participate on a voluntary basis.
A business is required to have an authorization agreement filed with the department before it can start initiating EFT payments. The EFT Help/Message phone number is 503-947-2017.
EFT payments for corporation estimated taxes must be made using Revenue´s EFT program. This program allows payments to be initiated by touch-tone telephone, a secure Internet site, or through your financial organization. If you pay by EFT, do not send Form 20-V.
Mail. If paying by mail, send each payment with a Form 20-V coupon. Do not send estimated payments with your return or with a copy of a return. It is your responsibility to obtain the correct forms.
Payment due dates
Estimated taxes are paid quarterly, as follows:
- Calendar year filers: April 15, June 15, September 15, and December 15.
- Fiscal year filers: The 15th day of the 4th, 6th, 9th, and 12th months of your fiscal year.
- If the due date falls on a Saturday, Sunday, or legal holiday, use the next regular business day.
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| Oregon estimated tax worksheet |
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Use this worksheet to calculate your estimated tax. (Keep for your records—do not file with payment.)
| 1. | Oregon net income expected in upcoming tax year | 1._____________ | | | | | | 2. | Tax on Oregon net income (multiply line 1 by 6.6 percent) | 2._____________ | | | | | | 3. | Subtract tax credits expected in upcoming tax year. | 3._____________ | | | | | | 4. | Net tax (line 2 minus line 3)
If the amount on line 4 is less than $500, stop. You don’t have to make estimated tax payments. See instructions, "What is estimated tax?" Caution: If your final tax liability when you file your return is $500 or more, you may be subject to underpayment interest. See instructions, "Interest on underpayment of estimated tax." | 4._____________ | | | | | | 5. | Amount of each payment (Divide line 4 by the number of payments you need to make. This is usually 4.)* | 5._____________ |
* You can subtract the amount of overpayment from your previous year's return that you elected to have applied to the upcoming tax year from the required payment for the first quarter only.
If you change the amount of your estimate during the tax year, use the Amended Estimated Tax Worksheet below. Enter the amount of the revised payment on the next voucher due. OAR 150-314.515
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| Amended estimated tax worksheet |
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Amended estimated tax. |
1._____________ |
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| 2. |
Payment and credits already applied to your estimated tax. |
2._____________ |
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Underpaid balance (line 1 minus line 2). |
3._____________ |
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| 4. |
Amount of each remaining payment (divide line 3 by the number of remaining payments). Enter here and on the next voucher due. |
4._____________ |
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