Skip to content
Tax, SDIRAs & Cost Segregation

User Stats

268
Posts
105
Votes
Simon Stahl
  • Rental Property Investor
  • Oakland, CA
105
Votes |
268
Posts

California LLC taxes explained

Simon Stahl
  • Rental Property Investor
  • Oakland, CA
Posted Oct 24 2016, 21:15

Hi

I have formed an LLC in California. I did this because I will need an LLC to be able to get a loan from my HM lender. Filing date was July 14th 2016, but so far I have not done anything with it. I am the only member, so it is a disregarded single member LLC. When exactly do I have to pay what taxes or fill out what forms?

I just got a letter from the California Franchise Tax Board stating that I have to

  1. Pay $800 annual tax by the 15th day of the 4th month - I think I am already too late for this? Should I have payed this before Oct 15th?
  2. Estimate and pay the annual fee - Since I have not done anything with my LLC yet, I think I don't have to do this?
  3. File form 568 - Do I have to do this even though it is a disregarded single member LLC?

When exactly do I have to do what in the first year and the following years? If I am already too late for the $800 annual tax, are they going to fine me if I pay that now?

Sorry, this might seem very basic questions. I just feel a bit overwhelmed with this official government english...

Thanks Simon

Loading replies...