Quarterly Filing Requirements for an LLC in CA

[SW231]

These questions may have been asked, but...

1. What are the filing requirements for an LLC in CA?
2. Am I required to file quarterly? Do I have the option to file annually?
3. Are there filing exemptions I should be aware of as a start-up?

Thank you for this time.

Shanice

[Jackstar221]

1.Here is a link regarding the LLC filing requirements, directly from the CA website:

https://www.ftb.ca.gov/file/business/types/limited-liability-company/index.html 

Here is the estimated tax payment requirements: https://www.ftb.ca.gov/pay/estimated-tax-payments.html 

2.#1 above is regarding estimated tax payments, not sure if you are referring to quarterly 941's, here is the information regarding that.  You must file IRS Form 941 if you operate a business and have employees working for you. Certain employers whose annual payroll tax and withholding liabilities are less than $1,000, might get approval to file the annual version—Form 944.

A IRS Form 940 is also filed annually.

https://turbotax.intuit.com/tax-tips/small-business-taxes/what-is-the-irs-form-941/L4mA9LHER 

3.Pleas take a look at this article regarding start up expenses. https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr 

You can use startup tax deductions as capital costs, and you can choose to elect to amortize other costs. Pleas take a look at the article regarding startup expenses.

Thank you,

John

CPA

[SW231]

Oh this is helpful, thank you. In regards to IRS Form 941, if I am the sole owner and do not have any employees, am I still obligated to file?

[VolvoGirl]

First question...is your Single Member LLC registered as a S corp?  That is special.

If not a S Corp it is a disregarded entity and you file it on Schedule C in your personal tax return.  You may need to send in quarterly estimated payments.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

To prepare estimates for next year you start with your current return, but be careful not to change anything.  For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

The 1040ES quarterly estimates are due April 18, June 15, Sept 15 and Jan 16, 2024.  Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2023 Estimate