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

taxes20171 · ‎June 6, 2019

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

PatriciaV · ‎June 6, 2019

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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View solution in original post

PatriciaV · ‎June 6, 2019

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"

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