As a Oregon business owner, you'll need to understand how tax laws in Oregon affect your company. Not only do Oregon tax laws vary by industry, but they also frequently change.
Tax laws include Oregon income tax, sales tax and property tax. Because understanding and facilitating tax issues can take up valuable time, business owners often choose to commission tax law legal professionals in Oregon to take care of the legal side of a business's finances. Choosing to do so could free you to focus your energy on managing your company. It's important to remember the following about Oregon taxation laws:
1. There are many deductions in taxation law. A complete understanding of Oregon state tax law could save your business substantial amounts of money
2. Oregon tax law works in conjunction with federal tax law, possibly local tax law, and sometimes municipal tax law. Ask your CPA when one overrides the other, depending on your situation.
3. Partnering with an Oregon tax lawyer can save your business from unnecessary audits.
Action Steps
The best contacts and resources to help you get it done
Learn about Oregon primary tax law and file your own returns
If you are a very small business with minimum resources but some time to devote to the task, you can file your own taxes. There are many online resources available to help you understand specific state laws in Oregon.
I recommend: The
Oregon Department of Revenue has online tax forms available for business owners to download. You can also make use of their e-file services.
Federation of Tax Administrators can lead you to other state tax documents, should you need them. Also consider software programs like
Quicken to help organize your expenses, or
TurboTax to file taxes in your state.
Partner with a accountant or CPA to help your business comply with Oregon tax law
Some situations demand that you outsource your taxes to a professional. This ensures that state requirements are followed, thus saving you the inconvenience of penalties and audits. Whether it's part-time or full, basic accounting services or complex, consider hiring a financial expert. Your choices are to partner with an accountant who performs general accounting services, or a CPA who can handle complex accounting needs.
I recommend: Fischer, Hayes & Associates, PC is a Oregon-based CPA firm that offers financial planning and tax preparation services. Salem-based
Johnson, Glaze & Co. provides a variety of tax, accounting and administrative services for small businesses.
Moss Adams, LLP is a national CPA firm that specializes in a variety of industries. You may consider a national firm if you plan on expanding your business.
Choose from Oregon tax lawyers for comprehensive legal tax advising
Small business owners may also select from Oregon tax lawyers to assist in their company's financial services. An attorney ensures that your business is compliant with state tax laws, and can also provide tax counseling on a wide array of situations.
I recommend: McCoy Foat & Company, PC offers services and advice on many tax issues, from tax planning strategies and tax preparation to IRS representation. Portland-based
McEwen Gisvold, LLP provides tax planning for both general and complex business transactions.
Tips & Tactics
Helpful advice for making the most of this Guide
- When you look for a professional to prepare your taxes, steer clear of CPAs or accountants who claim they can get you more deductions than their competitors. They're either lying to you, or willing to violate Oregon tax laws; neither scenario is good.
The official source of Oregon Tax Law is the Oregon Tax Law page at Business.com
Related Resources from Business.com
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