Tax Debt Relief By Experienced Tax Lawyers and CPAs
California State Income Taxes
John Spurgeon & Associates, Inc. offers services on all matters including tax debt relief relating to California state income taxes by experienced tax lawyers and CPAs.
Many states including California have a state income tax in addition to federal income taxes filed with the IRS. Generally an individual or business must file a California Resident Tax Return based on their worldwide gross income. Even nonresidents could be subject to California filing requirements if they have earned income in California.
Sole proprietorship
- The business income and expenses is reported on IRS form Schedule C and included in your California Resident Tax Return
- Installments are payable on April 15th, June 15th, September 15th and January 15th of the following year.
- Tax payments are made to the Franchise Tax Board in Sacramento who will take aggressive collection action if you get behind.
Partnership
- Files a schedule K-1 reporting the partner’s allocation of taxable income.
- The return is due on the 15th day of the fourth month after the end of the year.
- A limited partnership pays an annual tax of $800.
Corporations
- Must file a corporate tax return – different returns are required for C corporations and S corporations
- Due date is the 15th day of the third month after the end of the fiscal year
- Minimum tax payable is $800
- The estimated tax is payable in four payments: April 15th, June 15th, September 15th, and December 15th
“Flow Down” Of Taxable Profits
For both partnerships and S Corporations, the taxable profits and losses “flow down” from the partnership or corporation to the individual partners or shareholders. Each partner or shareholder is responsible for paying taxes on their respective share.
As tax lawyers and CPA’s we can assist you with all aspects of state income taxes from preparation of the tax returns to tax debt relief. We offer a complementary consultation. Please contact us today at 626-440-9518.