Santa Ana California Form 1120-RIC 2024-2025

Santa Ana California Form 1120-RIC: What You Should Know

See page 25 of the IRS form for further detailed advice. If you received an extension in 2025 and filed an annual return, use the 2025 Form 1040 to calculate tax due. Pay the tax due 26 Dec 2025 — Report on Form 8829 the taxable income received from the sale of personal property within 2 years of the date the property was disposed of or purchased. 26 Oct 2025 — For years after December 2025 (due to sales after 2025 which are excluded), include on Schedule C and Schedule D all nonbusiness income from personal property (including interest, dividends, rents, royalties, rents received, etc.) The tax owed equals the tax due minus any tax refunds you have received. This is not the same as the business or capital gain taxable income amount shown on the IRS Form 1040. You must report this amount on IRS Form 8928, California Corporate Income Tax Return. The amount you report on your return equals the tax reported on your statement of estimated tax. If you are unable to estimate your tax, you may be able to reduce the amount of federal tax (or the other state tax you are paying) that you paid with a return for credit or refund. The business or capital gain amount you report equals the adjusted taxable income or adjusted tax paid on the taxable income amount shown on Schedule C or Schedule D. Note : You must report income on both a Schedule C and Schedule D. You must pay any tax due on your tax return when you file. If you pay the tax due by check to the department of revenue, there is no later tax. If you paid the tax in another currency, you must report the payment on the income tax return. The payment may be reported on Forms W-2 or W-3. If you do not timely file a return, or file a return that you believe is not complete and due to have too much tax on it, penalties in addition to interest may be imposed, and the tax you owe may be adjusted. Penalty for failure to pay tax or to file Form 2848, Payment of Taxes, is 500 per tax return and penalty of 10% of any refund. If you believe that your return is not complete, and you have not timely filed it: a) You may call the department of revenue (for the county where you are doing business) at.

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