-California Form 568: Limited Liability Company Return of Income
LLC’s classified as Partnerships and Single-Member LLC’s will file Form 568 for return of income if your gross receipts are equal or greater than $250,000 annually.
-California Minimum Franchise Tax
California requires Partnerships and LLC’s to pay a $800 minimum franchise tax for most years of operation.
-Federal Form 1065: U.S. Return of Partnership Income
Partnerships file Form 1065 as an information return to report their income, gains, losses, deductions, and credits. A partnership does not pay tax on its income; the income typically “passes through” any profits or losses to its partners.
-California Form 565: Partnership Return of Income
Filed for LLC’s not classified as S-Corporations or Partnerships
-Federal Form 1120: US Corporation Income Tax Return
Domestic corporations file Form 1120 to record income, gains, losses, deductions, credits, and calculate income tax liability.
-California Form 100: Corporation Franchise or Income Tax Return
State form recording income, gains, losses, deductions, and credits for corporations.
-Federal Form 1120S
Domestic s-corporations and business entities classified as s-corporations file Form 1120S to report income, gains, losses, deductions, and credits for tax years covered by an election to be taxed an S corporation.
-California Form 100S: California S Corporation Franchise or Income Tax Return
State form recording income, gains, losses, deductions and credits for s-corporations.
The Franchise Tax Board requires every corporation that is incorporated, registered, or doing business in California to pay the $800 minimum franchise tax.
-S-Corps are subject to an annual 1.5% state tax.
-Federal Form 990: Return of Organization Exempt from Income Tax
Tax-exempt organizations, nonexempt charitable trusts, and some political organizations file Form 990, an annual information return. All filing organizations must report the organization’s exempt and other activities, finances, governance, compliance with certain federal tax filings
and requirements, and compensation paid to certain persons.
-California Form 199: California Exempt Organization Annual Information Return
Nonprofits with gross receipts of more than $50,000 in the year are required to file Form 199.
-California Form FTB 199N: Annual Electronic Filing Requirement for Small Exempt Organizations
Nonprofits with $50,000 or less in gross receipts in the year are required to file Form 199N.–
-Schedule C, Federal Form 1040: Profit or Loss Form Business (Sole Proprietorship)
Sole proprietorships file Schedule C (Form 1040) to report income or loss from a business.
-California Form 540: California Resident Income Tax Return 540
Individual business owners report business income on their personal tax return, Form 540.
Tax Rate by Entity per FTB
| Entity type | Tax rate |
| Corporations other than banks and financials | 8.84% |
| Banks and financials | 10.84% |
| Alternative Minimum Tax (AMT) rate | 6.65% |
| S corporation rate | 1.5% |
| S corporation bank and financial rate | 3.5% |
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