[ad_1]
This text is posted with permission from our associate TaxAct. File your freelance taxes with confidence utilizing TaxAct’s easy-to-use tax software program. Freelancers Union members get 25% off the price of federal and state tax submitting: https://bit.ly/freelancers_taxact_blog
If you happen to’re a California taxpayer affected by current pure disasters akin to extreme winter storms, mudslides, flooding, and so forth., you may be involved about assembly your tax obligations this 12 months. Thankfully, the Inner Income Service (IRS) prolonged the tax deadline for Californians residing in catastrophe areas as a catastrophe reduction measure. Right here’s what you must know.
At a look:
- Affected taxpayers in California now have further time (till Nov. 16) to file their earnings tax returns.
- The brand new tax submitting deadline applies to people and companies residing in sure counties.
What’s the new IRS tax submitting deadline for California storm victims?
The prolonged tax due date for Californians residing in affected areas is Nov. 16, 2023. This contains:
- Particular person federal and state tax returns (usually due April 18)
- 2022 contributions to well being financial savings accounts and IRAs for eligible taxpayers
- Quarterly estimated tax funds (usually due on April 18, June 15, and Sept. 15, 2023)
- Calendar-year partnership and S company returns (usually due March 15)
- Calendar-year company and fiduciary tax returns and funds (usually due April 18)
- Calendar-year tax returns filed by tax-exempt organizations (usually due Might 15)
- Quarterly payroll and excise tax returns (usually due Might 1, July 31, and Oct. 31)
You may learn the official IRS.gov information launch right here.
How do I do know if I reside in an affected space?
You may qualify for reduction should you reside in any space designated as a catastrophe space by the Federal Emergency Administration Company (FEMA). In California, 55 out of the state’s 58 complete counties qualify. The one counties not qualifying for tax reduction are Lassen, Modoc, and Shasta counties.
To double-check should you qualify for reduction, see the IRS record of storms and impacted areas in California.
If you happen to reside exterior the areas designated by catastrophe declarations, however your information had been impacted, name the IRS at 866-562-5227. The company will work with you to offer reduction.
Do California taxpayers even have extra time to make tax funds as a part of this tax reduction?
Sure, cost deadlines have been prolonged as effectively. Affected California residents have till Nov. 16 to make federal and state earnings tax funds.
Do I mechanically get reduction if I reside in an affected space?
Sure, so long as your tackle on file with the IRS is in a chosen catastrophe space, you’ll mechanically obtain reduction with out incurring any penalties.
If, for any motive, your tackle on file with the IRS isn’t positioned in a catastrophe space, chances are you’ll obtain a late submitting or late penalty cost discover from the IRS. On this case, name the telephone quantity offered on the discover to get your penalty abated.
Can I declare a catastrophe loss on my tax return once I file?
Sure, should you suffered uninsured or unreimbursed catastrophe losses as a person or enterprise, you might have the choice to say them on both your 2022 tax return or your 2023 tax return that you’ll file subsequent 12 months. Yow will discover extra data on this subject in IRS Publication 547.
This text is for informational functions solely and never authorized or monetary recommendation.
[ad_2]
