Record breaking winter storms took to the state of California in the early parts of this year. As a result the IRS has given CA residents an extension to the tax deadline to assist those who were affected by the winter storms.
For starters, the 2022 tax deadline for those who live in disaster areas is October 16, 2023. This deadline applies to both paying and filing your taxes. If your property was damaged you may be eligible to claim disaster loss on your taxes.
Individuals and households that reside or have a business in Alameda, Contra Costa, 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 Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare Ventura, Yolo and Yuba counties all qualify.
What Filings Are Included In This Extension?
According to the State of California Franchise Tax Board, the extension includes:
- Individuals whose tax returns and payments are due on April 18, 2023.
- Quarterly estimated tax payments due January 17, 2023, March 15, 2023, April 18, 2023, June 15, 2023, and September 15, 2023.
- Business entities whose tax returns and payments are normally due on March 15 and April 18.
- Pass-through entity (PTE) elective tax payments due on March 15, 2023 and June 15, 2023.
Make note that if you plan to claim disaster loss for your 2022 taxes, additional paperwork may be required. However, if you aren’t filing til October 16, be sure to make sure you get a head start.
If you have questions, contact Paragon today!