Oregon Department of Revenue forms are the tax documents that business owners who are state residents must use to report their LLC's income or losses on their state income tax return. The Oregon Department of Revenue forms include OR-40, OR-40N, or the OR-40P. 

What Are the Other Oregon LLC Taxes? 

There are no general sales, use, or transaction taxes in Oregon. When a business owner buys products or goods from sellers outside Oregon, he or she may need to show a Reseller or Resale Certificate. There is a form that the Department of Revenue provides that can certify exemption to the transaction from that particular state's purchase, sales, or use tax. You can download the document by visiting http://www.oregon.gov/DOR/forms/FormsPubs/or-business-registry-resale-cert_800-002.pdf.

Not every state will accept the Oregon Department of Revenue form. If that is the case, the LLC may be responsible for completing one of the forms from that state instead. 

If your LLC is in Oregon, you more likely to have to pay and file local and state taxes, which include the county, township, or city. The average rate of many local income taxes in Oregon is .36 percent. Two causes control which taxes the business owner needs to pay: 

  • The location of the LLC. 
  • The nature of the business.  

How Do You Pay Taxes to the Federal Government?

For most limited liability companies in Oregon, the taxes of the LLC do not go straight to the IRS. Many members report losses or income on their 1040 tax return. Usually, owners file income for their LLC on a Schedule C form, but in some cases business owners may have to add on other Schedules. Whether or not additional forms are needed is determined by the ways the owner receives income.

Limited liability companies are taxed according to their tax status and structure. For instance, multi-member LLCs have their taxes set up as a Partnership. LLCs that operate as a single-member entity get taxed as a Sole Proprietorship. Alternatively, an LLC can choose to receive taxation as if it were a C-Corporation. However, in an effort to save funds on the taxes for self-employment, it is common to hear of LLCs electing to be taxed as an S-Corporation. 

Federal filing for an LLC taxed as a C-Corporation uses Form 1120. S-Corporation taxation for a limited liability company means it must file Form 1120S. 

If you were to ask your accountant for advice about the maintenance of keeping S-Corporation tax status, he or she would more than likely recommend for the LLC's annual net income to stay close to $75,000; give or take a little. The total income would include considerations for paying out salaries with any capital used on expenses subtracted. 

By reporting income in this way, LLCs find that self-employment tax savings counterbalance the money spent on administrative cost and accounting for maintaining S-Corporation status. Taxation for S-Corporations is elaborate, as it includes filing corporate returns and quarterly payroll tax returns, accounting and booking, and administering payroll checks. This has a massive impact on an LLC's overall taxes. 

How Do You Check Your Oregon Tax Return? 

The Oregon Department of Revenue's website has a "Where's My Refund" link. It serves the taxpayers by letting them check the status of Form 40P, Form 40N, and Form 40 for their income tax refund. The State urges businesses to hold off for five to ten days before checking their status if they electronically filed their returns. For those LLCs that filed using paper and postage, the Department of Revenue asks that owners wait six to eight weeks to use the refund tracker service. 

When using the "Where's My Refund" online assistance, business owners must have the following information available: 

  • Refund amount. 
  • Filing status, such as single, married, and so forth.   
  • Social Security Number.  

The information you put in the system has to be the same as the details you provided on the current year's tax forms. You cannot retrieve the previous year refunds online. You must contact the service center for the Department of Revenue by calling either 503-378-4988 or 800-356-4222 between 8 a.m. 5 p.m., mail inquires to Oregon Department of Revenue at 955 Center St. NE Salem , OR 97301, or sending an email to [email protected]..

If you need help with Oregon Department of Revenue forms, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.