Just eight days remain until the traditional tax filing deadline, but most Californians can take a breather and wait it out.
Why? Storms, wildfires and flood damage late last year and into early 2023 extended the tax filing deadlines for most Californians.
The new deadline of Oct. 16 applies to California and federal individual and business tax returns and payments. The Franchise Tax Board said taxpayers who suffered financial losses to storm damage are eligible to claim those losses on their tax returns.
The IRS said the extension includes most 2022 individual and business returns originally due April 18. Other business returns, normally due on March 15 and April 18, and returns of tax-exempt organizations typically due on May 15, also were extended.
The IRS and the state are offering relief to residents living in areas designated as disaster zones by the Federal Emergency Management Agency. The list of counties includes Alameda, Contra Costa, San Mateo and Santa Clara in addition to 37 others.
The other counties that qualify for tax relief include Colusa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, Santa Barbara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba counties.
How will the IRS know if you qualify? The agency said it will automatically identify taxpayers located in the covered disaster areas. If you’re a taxpayer who resides or has a business located outside the disaster area, be sure to call the IRS disaster hotline at 866-562-5227 to request the extension.
For more information on those seeking information on various payroll and excise tax returns, go to irs.gov and look for “tax alerts and news.”
Source: www.mercurynews.com