Additional taxes on 1099 Income

[mm146]

Hi,

The last two tax years, I had 1099 income in the state of Hawaii and had to pay additional taxes/fees (General Excise Tax and License). I didn't realize this until the end of the year and ended up paying hundreds of dollars in late fee penalties. I have since moved to California and now have 1099 income here. Is there a similar thing that I should be aware of for California?

Thanks!

[Katherine S 63]

The only thing that I see all the time for CA LLCs is the need to file a form 568.  Here is some information about this form:  

Does a single member LLC need to file Form 568 in California?

If your LLC has one owner, you're a single member limited liability company (SMLLC). If you are married, you and your spouse are considered one owner and can elect to be treated as an SMLLC. We require an SMLLC to file Form 568, even though they are considered a disregarded entity for tax purposes.

Here is a link to the form.

https://www.ftb.ca.gov/forms/2022/2022-568.pdf

You will also need to send in estimated payments.  If you have a W2 employer in addition to your Self employment, you can have that employer withhold extra withholdings but changing your W4 and add something to line 4C.

Here is a W4:

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Here is more information on form 568 and Turbo Tax:

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/know-file-california-form-568-...

I hope you have found this helpful.

Thanks 

Katie S