CA FTB 3538 (565) 2021 free printable template

2021 Instructions for Form FT 3538Payment for Automatic Extension for LPs, Laps, and REMICsGeneral Information California does not require the filing of written applications for extensions. If a partnership

How to fill out CA FTB 3538 565

How to fill out CA FTB 3538 (565)

1. Obtain the CA FTB 3538 (565) form from the California Franchise Tax Board website or a local office.
2. Fill out the identification section with the name, address, and EIN of the entity.
3. Indicate the type of entity (e.g., LLC, corporation) and the tax year for which you're filing.
4. Provide the income and deduction details as required in the relevant sections.
5. Calculate the estimated tax amount based on the income information provided.
6. Sign and date the form to validate it.
7. Submit the completed form to the California Franchise Tax Board by the deadline.

Who needs CA FTB 3538 (565)?

1. Businesses operating in California that are classified as limited liability companies (LLCs) or specific types of corporations.
2. Taxpayers who expect to owe $500 or more in California income tax for the current tax year.

Instructions and Help about CA FTB 3538 565

Hi this is Bob rooms again, and I just wanted to show you what I call the California LLC tax trick now although this is specific to California I'm I want to show it to everybody because every state really has its own little tricks and if you can gain insight into what one state does typically you can get an insight into what your state is likely to do besides if you live in California I really want you to see this because it's very important what we're looking at here is the 2007 limited liability company return of income form 568 let's just do a little let's just say that you've made a hundred thousand dollars for this tax year ok that's terrific now what it comes down to for this particular trick is lines two and three the limited liability company fee see instructions and the limited liability company tax see instructions okay so let's go to the instructions here's what this is all about I think everybody knows that if you run an LLC in California you owe $800 to the state regardless of whether you've made any money or not now if you're just looking at the form if it's your first time filling this out you're going to see limited liability company feet well that sounds like that $800 things that you've heard about because the $800 is a flat amount did you have to pay regardless of whether there's any income or not and then down here limited liability company tax well that sounds like an amount that would be based on your income because every other tax you've ever seen in your life is based on the amount that you've made or that your company's made or whoever has made it to graduated tax if you made this much you owe this much if you made more than that you owe more than that, so you've made a hundred thousand dollars for the year and there happens to be a cut-off of about two hundred and fifty thousand dollars this year, so you're under that cutoff, so you don't go any of what you would think of as a tax but back to the instructions where we see annual limited liability company tax LLC's are subject to an eight hundred dollar annual tax if they are doing business in California oh wait a minute that thing you thought was a fee is here called a tax and down here a limited liability company fee in addition to the annual tax every LLC must pay a fee based on total California income that's a complete reversal of what any reasonable human being would expect and believe me people make this mistake I made this mistake friends of mine made this mistake it happens all the time and here are the consequences if you do this wrong if you fill out lines two and three wrong many months later you will get something that looks like this in which they tell you fee nothing tax eight hundred dollars what they're telling you is that because you put you thought this was a fee, so you put eight hundred dollars here, and you put zero here that weird thing is PDF and trying to fill in an old value of pay no attention to it this is wrong don't do this otherwise you will...

People Also Ask about

Does California get extension for taxes?

The California tax deadline is usually April 18, and money owed on a California state return is normally due at the same time. (California also normally grants an automatic extension to file a state tax return until Oct. 16, 2023.)

Does California have an automatic extension?

The automatic extension applies to any and all payments for the listed return types for payments due on or after January 8, 2023, through October 16, 2023, except for payroll tax deposits.

Does CA require an extension?

Extensions - California has an automatic six-month extension to file an individual tax return. No form is required to request an extension.

Does California require a state extension?

Extensions - California has an automatic six-month extension to file an individual tax return. No form is required to request an extension.

Does California have tax extension 2023?

For taxpayers not impacted by the 2022-2023 winter storms, the due date to file your California state tax return and pay any balance due is April 18, 2023. However, California grants an automatic extension until October 16, 2023 to file your return, although your payment is still due by April 18,2023.

Is California tax deadline extended to October 16 for disaster areas?

Sacramento – The IRS announced tax relief for Californians affected by winter storms. Only taxpayers affected by these storms qualify for an extension to October 16, 2023, to file individual and business tax returns and make certain tax payments.

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What is CA FTB 3538 (565)?

CA FTB 3538 (565) is a form used by the California Franchise Tax Board for reporting the income, deductions, and credits of a partnership or limited liability company (LLC) that has elected to be treated as a partnership for tax purposes.

Who is required to file CA FTB 3538 (565)?

Partnerships and LLCs that are treated as partnerships for tax purposes in California are required to file CA FTB 3538 (565) if they have income, deductions, or credits to report.

How to fill out CA FTB 3538 (565)?

To fill out CA FTB 3538 (565), taxpayers must provide information about the partnership or LLC's income, expenses, and any relevant deductions or credits. The form includes various sections for reporting different types of income and should be completed according to the instructions provided by the California Franchise Tax Board.

What is the purpose of CA FTB 3538 (565)?

The purpose of CA FTB 3538 (565) is to report the financial activities of partnerships and LLCs to the California Franchise Tax Board, ensuring compliance with state tax laws and facilitating the calculation of tax obligations.

What information must be reported on CA FTB 3538 (565)?

Information that must be reported on CA FTB 3538 (565) includes the partnership or LLC's total income, deductions, credits, partners’ shares of income, and other pertinent financial data needed for tax assessment.