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Los Angeles California Form 1040: What You Should Know

There are two ways the City of Los Angeles requires business income to be reported on IRS Form 1040 or 1040NR. First, under the “Special” reporting method, reported income is taxed to be zero for the individual taxpayer filing in the City (which is you) and to be a deduction for the corporation (your company). Second, you do not file Form 1040 and/or Form 1040NR and enter the income as reported on Form 1120, 1040 or 1040NR if you operate a business that is a qualified small business and that is required to file this form. For more information, please see: Can I choose to file Form 1120, 1040 or 1040NR? The filing requirements apply even if you are a company that has qualified to pay corporate income tax. It is better to consider this option rather than the alternative of filing the form. Can I elect to pay tax by Form 1120 instead of or in addition to filing a return? Yes, you may elect to pay your tax in the manner described in the Notice of Electing to Pay the Tax by Form 1120. In all cases, you must file the same Form 1040, 1040NR, or Form 1040NR-EZ that you would otherwise have filed. You may elect to pay the tax the same day as filing the return with the filing of a Notice of Decision.   Am I allowed to do something different on my IRS Form 1040 in order to avoid a balance of income tax due as opposed to Form 1040NR or 1040NR-EZ? Yes. You may file a Form 3115X, Schedule C, with the IRS. This notice of adjustment will apply whether you received a refund or were in the 1099 income group for 2015. It will show the amount of any refund and if you were included in the 1099 income group. When you use the income you reported to your Form 1040 to reduce the income tax liability as of today's date, the amount you are reducing the amount of tax is the amount of the refund or 1099 income groups you reported to IRS. Therefore, if you are in the 1099 group for 2015, this notice of adjustment will reduce the amount of tax you owe.

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