In response to the devastating wildfires that have swept through Los Angeles County, California is offering tax relief measures to affected residents and businesses. Governor Gavin Newsom announced that the California Franchise Tax Board (FTB) will provide extended deadlines for filing 2024 tax returns and making tax payments, offering support to those impacted.
What this means
Taxpayers in Los Angeles County will have until October 15, 2025, to file their 2024 state income tax returns and make payments originally due between January 7, 2025, and October 15, 2025. This extension aligns with federal tax relief granted to California wildfire victims, ensuring a unified approach at the federal and state level.
What qualifies:
- Individuals with tax returns and payments normally due on April 15, 2025.
- Quarterly estimated tax payments originally due on January 15, April 15, June 15, and September 15, 2025.
- Businesses with corporate or pass-through entity tax returns due on March 15 and April 15, 2025.
- Pass-through entity elective tax payments due on March 15 and June 15, 2025.
- Tax-exempt organization returns typically due on May 15, 2025.
Eligible taxpayers can also claim deductions for disaster losses. By claiming these losses on their 2024 tax returns, individuals may expedite refunds, providing faster financial assistance during recovery efforts.
Next Steps
Those impacted by the wildfires are encouraged to:
- Contact the California Franchise Tax Board for guidance on extended deadlines and relief eligibility.
- Review federal disaster relief options available through the IRS.
- Consult tax professionals for assistance with disaster loss claims and other relief measures.
As always, if you have questions contact Paragon today.
