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taxes20171
New Member

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

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

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Accepted Solutions
PatriciaV
Expert Alumni

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

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).

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1 Reply
PatriciaV
Expert Alumni

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

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).

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