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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I just opened an LLC in California through which I perform

Customer Question

I just opened an LLC in California through which I perform consulting services for out of state clients, I am the only member of this LLC and my clients send me 1099's at the end of the year. Do I need to be filing taxes quarterly, should I? Is there anything specific I need to keep in mind from a taxation standpoint in an LLC in California?
Submitted: 7 months ago.
Category: Tax
Expert:  Tax-Scholar replied 7 months ago.
Hi Michael - Welcome to Just Answers! Here is some things you should know 1) As a single member LLC this activity is reported on your Schedule C of your 1040. 2) As a resident of California they will tax you own 100% of your income even though out-of-state customers3) Both Fed & CA require that estimated taxes be made quarterly. If you do not make estimated payments you could be subject to an underpayment penalty. This is about 4% of the unpaid balance. So kind f like interest.4) For California requires that all LLCs pay an annual LLC Fee and Tax. The LLC Fee is $800 and due April 15. The LLC Tax only kicks in if gross receipts are over 250,000. 5) LLCs in California file Form 565 which is due April 15. Hope this helps. Let me know if you have other specific questions.

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