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Pro tip: If you're having trouble understanding something, don't be afraid to call and ask for clarification. I've found most FTB employees are actually pretty helpful if you're polite.
Am I the only one who thinks its ridiculous that we have to jump through so many hoops just to get our own money back? The system is broken, y'all. 🤡
Pro tip: If you're expecting a large refund, consider adjusting your estimated tax payments for next year. It's better to keep that money in your business than give the state an interest-free loan.
This! 👆 Wish I had known this earlier. Could've saved myself so much hassle.
Hey OP, just curious - when did you incorporate? The waiver only applies to corps formed after Jan 1, 2021. If you incorporated before that, you might actually owe the tax.
Good question! We incorporated in March 2022, so we should definitely qualify for the waiver.
pro tip: if you cant get through on the phone, try reaching out to them on Twitter. Sometimes their social media team can help or at least escalate your issue.
Anyone else think its ridiculous that we have to jump through all these hoops just to get a waiver that's supposed to be automatic? The system is broken, man.
Tbh, this is why I stuck with an LLC. Less headaches.
Hey OP, just curious - what kind of business are you starting? I'm thinking of setting up an S Corp too and wondering if it's worth the hassle.
I'm starting a small software consulting firm. Despite this hiccup, I still think the S Corp structure will be beneficial for me in the long run. But yeah, there's definitely some extra paperwork involved.
Rajiv Kumar
Anyone else feel like the whole franchise tax system is just a way for the government to squeeze more money out of small businesses? 🙄 It's getting harder and harder to stay afloat these days.
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Liam O'Reilly
•C'mon guys, it's not that bad. These taxes fund important services. We all gotta do our part.
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Rajiv Kumar
•Found the government plant 👀
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Chloe Delgado
Hey OP, have you checked out r/smallbusiness? They have a lot of resources and discussions about handling various business taxes, including franchise taxes. Might be worth a look!
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