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Instructions for Form 150-101-164 Schedule OR-FIA-COMP
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Instructions for Form 150-101-164 Schedule OR-FIA-COMP Oregon Farm Income Averaging Computation of Tax - Oregon
This document contains official instructions for Form 150-101-164 Schedule OR-FIA-COMP, Oregon Farm Income Averaging Computation of Tax - a form released and collected by the Oregon Department of Revenue. An up-to-date fillable Form 150-101-164 Schedule OR-FIA-COMP is available for download through this link.
FAQ
Q: What is Form 150-101-164?
A: Form 150-101-164 is a tax form used in Oregon for the computation of tax on farm income.
Q: What is Schedule OR-FIA-COMP?
A: Schedule OR-FIA-COMP is a part of Form 150-101-164 used for the averaging computation of tax on farm income in Oregon.
Q: What is the purpose of Oregon Farm Income Averaging?
A: The purpose of Oregon Farm Income Averaging is to provide tax relief to farmers by allowing them to average their income and reduce their tax liability.
Q: Who is eligible for Oregon Farm Income Averaging?
A: Farmers engaged in agricultural production in Oregon are eligible for Oregon Farm Income Averaging.
Q: What information is required for Schedule OR-FIA-COMP?
A: Schedule OR-FIA-COMP requires the farmer to provide information about their farm income and expenses for the tax year.
Q: How does Oregon Farm Income Averaging work?
A: Oregon Farm Income Averaging allows farmers to average their taxable income over a three-year period, which can help reduce their tax liability.
Q: Are there any limitations or restrictions for Oregon Farm Income Averaging?
A: Yes, there are limitations and restrictions for Oregon Farm Income Averaging. Farmers should consult the instructions for Form 150-101-164 for more information.
Q: Is Oregon Farm Income Averaging available for all types of farm income?
A: No, Oregon Farm Income Averaging is not available for all types of farm income. There are specific rules and requirements regarding eligible farm income.
Q: Are there any deadlines for filing Form 150-101-164 and Schedule OR-FIA-COMP?
A: Yes, Form 150-101-164 and Schedule OR-FIA-COMP must be filed by the due date of the taxpayer's Oregon tax return.
Instruction Details:
- This 5-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
- Complete, printable, and free.
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Download Instructions for Form 150-101-164 Schedule OR-FIA-COMP Oregon Farm Income Averaging Computation of Tax - Oregon
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