Franchise Tax Board provides California state taxpayers with the necessary tax forms they need to use to file their returns. Among the hundreds of tax forms, three of them are the ones that are most commonly used. These are Forms 540, 593, and 3588. Although each form has a different purpose, many California state residents use them to fulfill their tax obligations. In this article, we’ll go over these tax forms and help you file them to prepare your California state income tax return for both individual and business taxes.
Form 540 – California Resident Income Tax Return
California residents must use Form 540 to file their state income tax returns. This is your 1040 but for California state income taxes. Use the necessary tax forms and attach them to the 540 to file your California state income tax return properly.
Form 540 is mandatory to file for anyone who’s not tax-exempt in California that earned individual income. You can get 540 Form 2021 which you’ll file for the 2020 taxes in online fillable and printable format.
Form 593 – Real Estate Withholding Statement
Form 593 must be filed after every real estate transaction. The dynamics of how real estate withholding was changed in 2020. Starting from January 1, 2020, file Form 593 with the Franchise Tax Board after every real estate transaction. This is mandatory for every real estate transaction which shouldn’t take more than ten minutes of the filer’s time to complete.
Get 593 Form 2021 to file it online and print out a paper copy.
Form 3588 – Payment Voucher for LLCs e-filed Returns
Form 3588 is the payment voucher for electronically filed returns for Limited Liability Companies. As an LLC, Form 3588 must be filed with the FTB. If you have balance due, don’t pay your balance right away. You’ll need to round up the payment due. For example, if you have $135.49 remaining to pay, round it up to $135. If the payment needed is $135.50, round it to $136, and so on.
Get Form 3588 for 2021 payments.