Deadlines, Responsibilities & Obligations…OH MY!!!

(The information in this article replaces the information from a previous article post entitled “Ch-Ch-Ch-Changes!: Guide to Tax Changes for 2016 and Beyond”)

Your checklist and HOW TO guide to help you keep score.

Please find your situation below so you know what you need to do;

WHERE’S MY REFUND???!!!

Click here to find your refund


PERSONAL TAX RETURNS

Deadline is April 15th to either file a return or request an extension. The extension is good until Oct 15th. If you received a 1099-MISC, see the next category below.

1099-MISC, INDEPENDENT CONTRACTOR, SELF EMPLOYED, SOLE PROPRIETOR, DBA, PAID IN CASH, SCHEDULE C FILERS

  1. Deadline is April 15th to either file a return or request an extension. The extension is good until Oct 15th.
  2. In Los Angeles County, you need to report gross earnings by Feb 28th to the City of Los Angeles Office of Finance. They do not want you to report any W2 earnings. Only 1099 Misc, and/or any earnings from Independent Contractor, Self Employed, Sole Prop, DBA, Cash Paid.
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.

SINGLE MEMBER LLC

  1. Deadline is April 15th to either file a return or request an extension. The extension is good until Oct 15th. Single member LLC gets reported on your personal return and thus follows the same rules as a personal return.
  2. In California, Your Statement of Information is due every other year on the anniversary date of your LLC’s formation. So let’s say you opened the LLC in 2018, it is due every even year. If opened in 2019, it would be every odd year.
    https://llcbizfile.sos.ca.gov/SI
    If you are not in California, please check your state’s Secretary of State website.
  3. In Los Angeles County, you need to report the single member LLC’s  gross earnings by Feb 28th to the City of Los Angeles Office of Finance
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.
  4. $800 Annual Minimum Franchise Due by April 15th to California.

Pay by credit card online

Pay by bank account online

MULTI MEMBER LLC  (AKA PARTNERSHIP LLC)

  1. March 15th to file a return or request an extension. The extension is good until Sept 15.]
  2. In California, Your Statement of Information is due every other year on the anniversary date of your LLC’s formation. So let’s say you opened the LLC in 2018, it is due every even year. If opened in 2019, it would be every odd year.
    https://llcbizfile.sos.ca.gov/SI
    If you are not in California, please check your state’s Secretary of State website.
  3. In Los Angeles County, you need to report the LLC’s gross earnings by Feb 28th to the City of Los Angeles Office of Finance
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.
  4. $800 Annual Minimum Franchise Due by March 15th to California.

Pay by credit card online

Pay by bank account online

LLC THAT IS TAXED LIKE AN S CORPORATION

  1. March 15th to file a return or request an extension. The extension is good until Sept 15.
  2. In California, Your Statement of Information is due every other year on the anniversary date of your LLC’s formation. So let’s say you opened the LLC in 2018, it is due every even year. If opened in 2019, it would be every odd year.
    https://llcbizfile.sos.ca.gov/SI
    If you are not in California, please check your state’s Secretary of State website.
  3. In Los Angeles County, you need to report the LLC’s gross earnings by Feb 28th to the City of Los Angeles Office of Finance
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.
  4. $800 Annual Minimum Franchise Due by March 15th to California.

To pay the $800 by Credit card go to;

To pay the $800 without a credit card, go to 

S CORPORATIONS

  1. March 15th to file a return or request an extension. The extension is good until Sept 15.
  2. In California, Your Statement of Information is due EVERY year on the anniversary date of your S CORP’S formation.
    https://businessfilings.sos.ca.gov/
    If you are not in California, please check your state’s Secretary of State website.
  3. In Los Angeles County, you need to report the S Corp’s gross earnings by Feb 28th to the City of Los Angeles Office of Finance
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.
  4. $800 Annual Minimum Franchise Due by March 15th to California.

To pay the $800 by Credit card go to;

To pay the $800 without a credit card, go to 

C CORPORATIONS

  1. April 15th to file a return or request an extension. The extension is good until Sept 15.
  2. In California, Your Statement of Information is due EVERY year on the anniversary date of your C CORP’S formation.
    https://businessfilings.sos.ca.gov/
    If you are not in California, please check your state’s Secretary of State website.
  3. In Los Angeles County, you need to report the C Corp’s gross earnings by Feb 28th to the City of Los Angeles Office of Finance
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.
  4. $800 Annual Minimum Franchise Due by April 15th to California.

To pay by credit card online

To pay by Bank Account online

PARTNERSHIPS (THAT ARE NOT AN LLC, JUST A PARTNERSHIP ONLY)

  1. March 15th to file a return or request an extension. The extension is good until Sept 15.
  2. In Los Angeles County, you need to report the Partnership’s gross earnings by Feb 28th to the City of Los Angeles Office of Finance
    finance.lacity.org
    If outside LA County, please check your city’s local website. If you are in West Hollywood, Beverly Hills, Santa Monica, San Francisco, San Diego, or any other major metropolitan area in the US, check your city or regional local website.
  3. PARTNERSHIPS DO NOT NEED TO PAY $800, PARTNERSHIPS DO NOT NEED TO FILE STATEMENT OF INFORMATION <WOO HOO!!!>

MORE STUFF

VIEW MY IRS ACCOUNT

VIEW MY CALIFORNIA ACCOUNT (VIEW MY FTB ACCOUNT)

IF YOU ARE ISSUING 1099’S FOR PEOPLE WHO HAVE DONE WORK FOR YOU, THEY MUST BE ISSUED BY JAN 31ST. 

If you need to issue the 1099’s, you can do so cheaply and effectively and simply by going to; Taxslayerbooks.com

This will allow you to e file the 1099s and the 1096 to the IRS, plus make copies of the 1099’s for your vendors and for yourself. You are charged by the number of 1099’s you issue. This website ROCKS! Highly recommend this site.

IF YOU ARE REPORTING PAYROLL (W2) FOR YOU AND/OR YOUR EMPLOYEES, IT MUST BE REPORTED BY DEC 31ST and the W2’s MUST BE ISSUED BY JAN 31ST.

NEED A PAYROLL PERSON? CALL LAUREN CLEMENTS > 805.842.1570

ESTIMATED TAXES DUE BY JAN 15TH

HOW TO FILE AN EXTENSION

PERSONAL RETURNS and SINGLE MEMBER LLC’s

  1. They are due on April 15th
  2. Fill out Form 4868. Just Google it you lazy bastards.
  3. Fill out ONLY your name, address and social, and your spouse’s as well.
  4. If you have a single member LLC, you don’t need to do anything special. Single member LLC is recognized by your social, not EIN. Why? IDK
  5. Leave everything else blank, unless you want to include a payment with the extension request. I SAID LEAVE EVERYTHING BLANK.
  6. The IRS does NOT send confirmations for this.
  7. The State will automatically extend you, no additional paperwork needed, except, of course, New York, because that is a pain in the ass state.

CALIFORNIA RESIDENTS MAIL IT CERTIFIED AND/OR WITH A TRACKING # TO;

Internal Revenue Service
P.O. Box 7122
San Francisco, CA
94120-7122

 BUSINESS ENTITIES (MULTI-MEMBER LLC, S CORP, C CORP, LLC’S TAXED AS AN S CORP, PARTNERSHIPS, ET AL)

  1. They are due on March 15th
  2. Fill out Form 7004. Just Google it you pain in the ass.
  3. Fill out ONLY the entity name, address and EIN. You must also choose a code;
    • LLC (Partnership) > 09
    • LLC (Taxed as S Corp) > 25
    • S Corp > 25
    • C Corp > 12
    • Partnership (but not an LLC) > 09
  4. Leave everything else blank. I SAID LEAVE EVERYTHING BLANK.
  5. The IRS does NOT send confirmations for this.
  6. The State will automatically extend you, no additional paperwork needed, except, of course, New York, because that is a pain in the ass state.

CALIFORNIA ENTITIES MAIL IT CERTIFIED AND/OR WITH TRACKING # TO;

Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999-0019

PAYMENTS

PAYMENT WEBSITE OPTION FOR IRS

OR TRY THESE LINKS TO PAY THE IRS WITH NO FEES;

DIRECT PAY THE IRS WITH NO FEES    – Use this secure service to pay your individual tax bill or estimated tax payment directly from your checking or savings account at no cost to you. Also allows you to look up a payment.

THE ELECTRONIC FEDERAL TAX PAYMENT SYSTEM   – The Easiest Way to Pay All Your Federal Taxes EFTPS® is a system for paying federal taxes electronically using the Internet, or by phone using the EFTPS® Voice Response System. EFTPS® is offered free by the U.S. Department of Treasury

PAY THE STATE OF CALIFORNIA

TO MAKE A PAYMENT PLAN, GO TO;

IRS        CALIFORNIA  

IF YOUR ENTITY (LLC, S CORP, C CORP) PAYS AN ANNUAL 800 MINIMUM FRANCHISE TAX, YOU MAY OWE MORE THAN 800 IF YOU HAD A GOOD YEAR. FIGURE OUT YOUR APPROX NET INCOME AND MULTIPLY THAT BY 1.5%. NOW TAKE THAT TOTAL AND SUBTRACT  THE 800 FEE AND THAT WILL GIVE YOU THE ADDITIONAL TAX OWED.

ENTITIES THAT MAKE A SUBSTANTIAL JUMP IN GROSS INCOME HAVE TO PAY AN ANNUAL  FRANCHISE FEE ABOVE THE 800. SO IF YOU ARE AN LLC AND YOUR GROSS RECEIPTS ARE 1 MILLION DOLLARS, YOUR ANNUAL FEE IS NO LONGER 800 BUT HIGHER. CONTACT  THE FRANCHISE TAX BOARD TO FIND OUT WHAT TIER YOU ARE NOW IN.

1031 EXCHANGE HOTLINE  619.528.1031

GET ALL YOUR 1031 EXCHANGE QUESTIONS ANSWERED FOR FREE WITH THIS HELPFUL HOTLINE 619.528.1031

HERE’S AN INTERESTING ARTICLE ABOUT THE CITY OF LOS ANGELES BUSINESS TAX

If you are one of my many clients who works in Los Angeles, here’s a story from LA WEEKLY regarding that infamous CITY TAX / BUSINESS LICENSE;

Fans Gather Near Crash Site to Mourn Kobe Bryant

HOPE THIS HELPS, CHEERS!

DON’T SAY I DIDN’T TELL YOU

LOVE,
GOTTA