The 2023 tax filing season has begun, and taxpayers till Tuesday, April 18, to submit their federal tax returns for the financial year 2022. Citizens in California have a similar deadline to submit their state tax forms.
You have until October 16 to file your tax return, but if you would like extra time or are experiencing difficulties putting everything together, you can ask for a 6-month extension. However, remember that you must pay any owed taxes by April 15th. The IRS and California Franchise Tax Board (FTB) have officially expanded the filing deadline to October 16 for anyone who was impacted by the extreme weather in California.
You must be aware that the FTB and the federal tax agency each offer tax credits that might increase your tax refund by thousands of dollars when you file your tax return. The Earned Income Tax Credit (EITC), known as CalEITC in the Golden State, is among them. Those 2 credits might be worth over $10,000 when combined.
Since the CalEITC only benefits low wages employees, the EITC is designed for low- and middle-income employees. Qualifying EITC filers may get up to $6,935 in benefits, and eligible CalEITC applicants may get up to $3,417. If combined, the amounts equal $10,352 which can either be used to lower your tax bill or increase your tax refund.