LLC will only have Form 568 (no federal)


If you desire to keep this entity alive follow the following:

1. Call the FTB hot line at http://www.ftb.ca.gov/aboutFTB/contact.shtml and ask them for step by step directions as to how to get back in good standing with the state of California.

2. See the instructions below for Form 568. You will file a "Single Member LLC" tax return California only.

3. Do you have a payroll account set-up? If you had no payroll, you don't necessarily have to file these forms. If you are a "Single Member LLC" you will report income loss on you IRS Form 1040 on Schedule C.

4. Personal return is filed separately from LLC. Personal, will have a federal and California tax return. LLC will only have Form 568 (no federal). I think Tax ACT supports Schedule C on your personal return. You probably could fill the California Form 568 by hand. It is generally only a few numbers.

5. The business expenses are reported on Schedule C. Form 8829 is used for expenses related to your home use for business. You can use this form. However, you may not want to create two many expenses such as this if you have no income from your business. It starts to look like you are not running a business. The IRS may say you are not allowed the deductions and that you are doing a hobby.

7. Follow the instructions to the forms. Maybe use TurboTax. It walks you through step by step.



The following are some form instructions and instructions:



http://www.ftb.ca.gov/forms/misc/3556.pdf

http://www.ftb.ca.gov/forms/06_forms/06_568bk.pdf

http://www.taxes.ca.gov/Small_Business_Assistance_Center/index.shtml





Read more: Im the only member of a California LLC that I op... - JustAnswer http://www.justanswer.com/questions/33ngs-im-the-only-member-of-a-california-llc-that-i-opened-feb-2009#ixzz10OeVxwae
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