Get the free Oregon Corporation Excise Tax Return

This document provides information and instructions for corporations doing business in Oregon regarding filing their corporation excise tax return, including apportionment, filing schedules, and tax

How to fill out oregon corporation excise tax

How to fill out Oregon Corporation Excise Tax Return

1. Obtain the Oregon Corporation Excise Tax Return form (Form 20) from the Oregon Department of Revenue website.
2. Complete the identification section with the corporation's name, address, and federal employer identification number (FEIN).
3. Report the total receipts, including gross sales and other income, on the appropriate line.
4. Deduct allowable expenses to determine the taxable income.
5. Calculate the excise tax due based on the taxable income and Oregon's tax rates.
6. Fill in any applicable credits that may reduce the tax liability.
7. Review the form for accuracy, ensuring all amounts are correctly calculated.
8. Sign and date the return before submission.
9. File the completed return by the due date, either electronically or by mailing it to the Oregon Department of Revenue.

Who needs Oregon Corporation Excise Tax Return?

1. Any corporation doing business in Oregon or deriving income from Oregon sources must file the Oregon Corporation Excise Tax Return.
2. This includes both domestic and foreign corporations operating within the state.

People Also Ask about

What is the corporate excise tax in Oregon?

Oregon's Corporate Income and Excise taxes have a two-tiered structure, applying a 6.6% rate to taxable income up to $1 million, and a 7.6% rate to taxable income above $1 million; the threshold is not indexed for inflation.

Why am I paying excise tax?

Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Who is exempt from excise tax?

ing to the IRS, government entities, including state and local governments, are exempt from this tax. To claim this exemption, the entity must provide the service provider with a certificate of exemption, certifying their eligibility.

Why do I have to pay excise tax?

Excise taxes target specific goods or services such as fuel, tobacco, and alcohol. These taxes are typically paid by businesses but are passed on to consumers in the form of higher prices. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit).

How do I file an excise tax return?

Filing excise tax returns Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider.

Where can I get Oregon tax forms?

To receive Oregon tax forms by mail, fill out the online order form or call 503.378. 4988 or 800.356. 4222 (toll free).

How can I avoid federal excise tax?

This is done by filing an exemption certificate with the order. (The Exemption Certificate, STD. 802, is available from Department of General Services, Office of Procurement, Material Services Section.)

Can you take excise tax off your taxes?

An excise tax isn't deductible if it's for a personal expense. You can deduct as a business expense excise taxes that are ordinary and necessary expenses of carrying on your trade or business.

For pdfFiller’s FAQs

What is Oregon Corporation Excise Tax Return?

The Oregon Corporation Excise Tax Return is a tax document that corporations operating in Oregon must file to report their business income and calculate the excise tax owed to the state.

Who is required to file Oregon Corporation Excise Tax Return?

Any corporation doing business in Oregon, including domestic and foreign corporations, is required to file the Oregon Corporation Excise Tax Return if they meet certain income thresholds.

How to fill out Oregon Corporation Excise Tax Return?

To fill out the Oregon Corporation Excise Tax Return, a corporation must gather financial information, complete the appropriate forms, provide necessary supporting documentation, and submit it by the specified due date.

What is the purpose of Oregon Corporation Excise Tax Return?

The purpose of the Oregon Corporation Excise Tax Return is to calculate the amount of excise tax a corporation owes based on its net income earned in Oregon during the tax year.

What information must be reported on Oregon Corporation Excise Tax Return?

The Oregon Corporation Excise Tax Return requires corporations to report their gross income, deductions, net income, and the apportionment of income derived from Oregon sources.