California FTB Issues Information on Income Tax Filing Requirement for Self-Employed

The California Franchise Tax Board (FTB) Feb. 3 issued information on filing requirements for self-employed taxpayers. Generally, taxpayers are self-employed if they are in business for themselves (including a part-time business), work as a sole proprietor or an independent contractor, or are a partner of a partnership that carries on a trade or business. The FTB includes that taxpayers: 1) are likely self-employed if they don’t receive a W-2; 2) have to pay income tax if they are self-employed; 3) operate as an individual for tax purposes; 4) may be required to pay estimated taxes quarterly; and 5) must report ...