Taxpayers who received an extension earlier this year for filing their 2011 State of Oregon income taxes need to submit their return by Monday, or they could face financial penalties.
October 15 is the extended due date for filing Oregon and federal income taxes. If people granted an extension don't file their return by that date, a 5 percent failure-to-file penalty calculated on the unpaid tax will be imposed.
"Paying and filing your taxes in a timely manner keeps you from having to pay unwanted penalty and interest charges," said Theresa Schuh, manager of Revenue's Personal Income Tax Program.
Taxpayers are reminded that even if they received an extension to file their return, their tax payment still was due on April 17. People who did not pay their taxes by April 17 need to include a 5 percent failure-to-pay penalty when they file their extended return. In addition, interest is charged on any unpaid tax from the April 17th due date until paid. The current interest rate is 5 percent per year (.04167 percent per month).
If you have an extension to file, please be sure to mark the extension box on the Oregon return. This will help in the processing of the return.