FTB Form 3885

Introduction

Form FTB 3885, Corporation Depreciation and Amortization, is used by corporations in California to report depreciation and amortization expenses for their assets.

Depreciation allows businesses to deduct the cost of tangible property over time, while amortization applies to intangible assets like patents or trademarks.

In this resource guide, we will learn more about the key aspects of Form 3885, from its purpose to filing requirements and commonly asked questions.

What is Form FTB 3885?

Form 3885 is used to calculate California depreciation and amortization deduction for corporations, including partnerships and limited liability companies (LLCs) classified as corporations. This form must be filed by corporations seeking to claim depreciation or amortization deductions on their California state tax return.

Filing this form ensures corporations can accurately account for the wear and tear on their assets, reducing their taxable income.

Who must file Form FTB 3885?

Corporations operating in California that wish to report deductions for the depreciation or amortization of their business assets must file Form FTB 3885.

This form is typically required if the corporation has purchased or improved physical or intangible assets during the year, such as:

• Office equipment, machinery, or vehicles.
• Buildings or real estate improvements.
• Patents, copyrights, or other intellectual property.

Choose TaxZerone to complete your Form FTB 3885 filing

Navigating tax complexities for filing Form FTB 3885 can be challenging, but TaxZerone makes it simple and stress-free.

As an IRS-authorized e-file service provider, we make sure your filing experience is hassle-free.

When you choose TaxZerone to file your Form FTB 3885, you’ll benefit from:

• A user-friendly platform that guides you through every step of the process.
• Instant updates on your filing status, so you're always in the loop.
• Expert support to answer any questions and ensure your return is accurate.

Here’s how your Form 3885 is attached to CA Form 199 and is transmitted to the FTB in 3 simple steps!

1. Provide Organization Details - Choose the tax year for which you want to file form 3885 attachment, and provide your corporation’s details.
2. Preview Form FTB 3885 - Attach Form 3885 to report depreciation and amortization expenses for your corporation’s assets and preview the information provided in the return for accuracy before transmitting.
3. Transmit to the FTB - Transmit Form 3885 along with your CA 199 form to the FTB and get the acceptance in just a few hours.

With TaxZerone, you can focus on running your business while we handle the details of your tax filings!

Even if the IRS rejects your return, you can correct and retransmit it at no additional cost.