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Los Angeles California Form 1065 (Schedule C): What You Should Know

Instability | FT.ca.gov Income and Expense Reporting in Los Angeles A single-stage corporation, and a partnership or sole proprietorship, is required to file Form 1065. You must report and pay estimated tax on all income and all expenses you incurred for each source of income: wages and salary, commissions and fees, interest, dividends, rental, royalties, and capital gains arising on your business or from property. You must complete the 1065. Furthermore, you also must attach to the return this IRS Form 8975. Forms for Reporting 1065 or Sales and Use Tax: 1. 1065. A. The 1065 is an information return required on or before the 31st day of the 1st month following the date the tax return was due. B. The Form 1065 must: 1. Specify the business income tax liability. 2. Specify the amount of all business income tax, withholding, and estimated tax for taxes imposed under state law for tax year 2024 for the following categories of business income: 1. Sales or use tax, 2. Business property excise tax, 3. Business and occupation tax under the tax laws of California, 4. Individual income tax or 4. Income tax based on wage, salary, commission, or other basis as determined under the federal income tax laws. 5. Pay estimated tax using the “Schedule M-1. Estimated Taxes,” or the “Table of Estimated Tax for California Sales & Use Tax,” or the “Schedule M-2. Estimated Taxes for Individual Income Tax.” C. Specify the amount of the liability for the individual withholding tax. D. Give the taxpayer a copy of either one or both of the following: (1) “Form W-8,” or “Form W-8G” (for federal employers) or Form W-8X (for state employers); and (2) an “Adjustment, Certification, Tax Credit, or Other Statement for Your Business” (ACE) form for the tax year under discussion. E. Give the taxpayer a copy of Form W-8X. The 1065 also must contain all the following information: 1. The business name and number (10-digit) of your business. 2. The street address of the business. 3. The phone number and the type of business (corporation, sole proprietorship, etc.). 4. The taxpayer's social security number. 5. The employee identification number (EIN). 6.

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