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Form 587

Form 587

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What is a W-9 tax form? What is a W-9 tax form?

What is the Form 587

The Form 587 is a California tax form used for reporting the allocation of income and expenses for individuals and businesses. Specifically, it is designed for those who need to report income derived from California sources while also accounting for income earned outside the state. This form is essential for ensuring compliance with California tax regulations and helps taxpayers accurately determine their tax liabilities.

How to use the Form 587

To effectively use the Form 587, taxpayers must first gather all necessary financial documents, including income statements and expense receipts. The form requires detailed information about income sources, both within and outside California. Taxpayers should carefully follow the instructions provided with the form to ensure all sections are completed accurately. Once filled out, the form should be submitted along with the California tax return to the Franchise Tax Board.

Steps to complete the Form 587

Completing the Form 587 involves several key steps:

  1. Gather all relevant income and expense documentation.
  2. Fill in personal information, including name, address, and Social Security number.
  3. Report income earned from California sources as well as from outside the state.
  4. Detail any deductions or credits applicable to your situation.
  5. Review the completed form for accuracy before submission.

Legal use of the Form 587

The Form 587 is legally binding when completed accurately and submitted in accordance with California tax laws. To ensure its legal validity, taxpayers must comply with all instructions and provide truthful information. Misrepresentation or failure to file the form can lead to penalties or legal repercussions. It is advisable to keep copies of submitted forms and supporting documents for record-keeping purposes.

Filing Deadlines / Important Dates

Taxpayers must be aware of specific deadlines associated with the Form 587. Typically, the form is due on the same date as the California state tax return, which is usually April 15th. If this date falls on a weekend or holiday, the deadline may be extended. It is important to check for any updates or changes to these dates each tax year to ensure timely filing.

Required Documents

When completing the Form 587, taxpayers should have the following documents ready:

  • W-2 forms from employers.
  • 1099 forms for any freelance or contract work.
  • Records of any other income sources.
  • Documentation for deductions and credits claimed.
  • Previous year’s tax return for reference.

Form Submission Methods (Online / Mail / In-Person)

The Form 587 can be submitted through various methods, depending on taxpayer preference. It can be filed online using the California Franchise Tax Board's e-file system, which is often the fastest option. Alternatively, taxpayers may choose to mail the completed form to the appropriate address listed in the instructions. In-person submissions are also accepted at designated tax offices, though this may require an appointment.

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