Can i file FTB 3522 before dec 31st for 2018 ?

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

Can i pay 2018 LLC fee before Dec 31 and take as business expense for 2017?

Best answer by PatriciaV

Yes, as a cash-basis taxpayer, you claim expenses in the tax year when they are paid. Most LLCs choose cash-basis.

If your LLC chose the accrual basis of accounting, however, you would accrue the expense (a payable) and claim it in the tax year of the actual benefit (2018).

PatriciaVAnswer

Level 15

Yes, as a cash-basis taxpayer, you claim expenses in the tax year when they are paid. Most LLCs choose cash-basis.

If your LLC chose the accrual basis of accounting, however, you would accrue the expense (a payable) and claim it in the tax year of the actual benefit (2018).

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"