October 15 Extended Tax Deadline Fast Approaching
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Public Affairs Office
For Immediate Release
Video Link: Daniel Tahara speaks about it here.
Sacramento –The Franchise Tax Board (FTB) reminds taxpayers that Tuesday, October 15 is the deadline to timely file their 2012 state personal income tax returns to avoid late filing penalties.
Each year Californians file more than 15 million personal income tax returns, with more than 1.5 million taking advantage of California’s automatic filing extension.
Taxpayers can also use a tax preparer, or one of the other free or fee-based e-file services listed on FTB's website. E-filing provides faster refunds, increased accuracy, and a timely confirmation that FTB received the return. For quick refunds, FTB encourages taxpayers to opt for direct deposit into their bank account.
Taxpayers can also access MyFTB Account, an online service where taxpayers can view their wage and withholding information, estimated payments, FTB issued 1099s, and current balance information.
FTB offers electronic payment options as well. FTB's Web Pay allows taxpayers to authorize a payment from their bank account to pay their return balance due or estimated tax payments. For a fee, taxpayers can also pay using major credit cards by calling (800) 2PAY TAX [(800) 272-9829] or visiting officialpayments.com.
Tax payments were due on April 15, but installment payment plans are available on FTB's website for taxpayers with a financial hardship. Those who owe $25,000 or less and can repay the tax within five years generally qualify.
Don't forget the Federal Earned Income Tax Credit (EITC). This is a federal incentive for low-income individuals and families. Taxpayers earning less than $50,270 can qualify for a “refundable” credit that can total up to $5,891. "Refundable" means taxpayers do not have to have a tax liability to get a refund check from the government. Taxpayers can see if they qualify for the credit by visiting the IRS website at irs.gov and searching for EITC Assistant. California has no comparable state credit.
As of October 10, 2013, California taxpayers filed nearly 15.5 million personal income tax returns of which 12.8 million were e-filed. The state has issued 10.3 million refunds totaling $9 billion.
FTB administers two of California's major tax programs: Personal Income Tax and the Corporation Tax. FTB also administers other non tax programs and delinquent debt collection functions, including delinquent vehicle registration debt collections on behalf of the Department of Motor Vehicles, and court–ordered debt. Annually, FTB’s tax programs collect more than 65 percent of the state’s general fund. For more information on other taxes and fees in California, visit taxes.ca.gov.