The California Tax Deadline 2023 is approaching, and many taxpayers are wondering when they need to file their taxes this year. The Internal Revenue Service (IRS) recently announced an extension of the tax filing deadline for 2022 taxes due in 2023.
This tax filing extension is good news for those who need a little extra time to file their taxes. Here’s what you need to know about the California Tax Deadline 2023 extension:
This representation photo shows several IRS forms and other files as IRS extends the California Tax Deadline. (Photo by Kelly Sikkema on Unsplash)
New California Tax Deadline: What’s In Store For Storm Victims?
The IRS declared that those affected by the California storm are now granted an extension until May 15, 2023, to file different kinds of federal tax returns for individuals and businesses and settle tax payments.
Taxpayers who need additional time to file their California taxes can request an extension. See this full list to know if you’re eligible for this extension under the new California tax deadline.
CBS News, citing IRS, said the tax relief delays multiple deadlines for filing and paying taxes that began from January 8, 2023. Individuals affected by this will now have until May 15, 2023, to file their returns and pay any taxes that were initially expected during this time.
This includes individual income tax returns for 2022 that were originally due on April 18, as well as several business returns for 2022 that are typically due on March 15 and April 18. Additionally, qualified taxpayers will also have until May 15, 2023, to contribute to their health savings accounts and IRAs for the 2022 tax year.
The IRS states that individuals can ask for more time to file their tax return. To obtain an automatic extension of 6 months to file, Form 4868 must be submitted. It is important to note that an extension to file does not mean an extension to pay. You may be subject to a late payment penalty on any unpaid tax amount by the original due date of your return.
ALSO READ: California Middle Class Tax Refund: IRS Says It’s Not Taxable
How can taxpayers file their taxes?
Taxpayers can file their federal taxes online using tax preparation software, such as TurboTax or H&R Block, or by using the IRS Free File program.
Taxpayers can also file their taxes by mail using paper forms, but this may result in longer processing times. To file their California taxes, taxpayers can use the California Franchise Tax Board’s (FTB) online services, including CalFile, which allows taxpayers to file their state taxes for free.
In conclusion, the California Tax Deadline 2023 is extended to May 2023. Taxpayers who need additional time to file their California taxes can request an extension. Taxpayers can file their taxes online or by mail, but online filing is recommended for faster processing times.
RELATED ARTICLE: IRS Tax Relief 2022: See How California Disaster Victims Would Maximize Benefits
