Announcements

2022 Tax Filing and Payment Relief for California Taxpayers – Get The Facts Now

The IRS has once again extended the tax filing and payment deadlines in most parts of California due to destruction caused by landslides, mudslides, and severe storms. Now those Californians have until October 16th to file, as opposed to the previously announced May 15th date.

The IRS has extended the fourth quarter 2022 estimated tax payment deadline to October 16th. The 2023 estimated tax payments due on April 18th, June 15th, and September 15th, as well as the quarterly payroll and excise tax returns due on January 31st, April 30th, and July 31st, have also been delayed until October 16th. No contact or extension paperwork is necessary to take advantage of the extended time. If taxpayers receive penalty notifications within the postponed period, they should contact the number provided for the penalty to be waived.

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5 Reasons Why Americans Who Don’t Usually File Tax Returns Should File for 2021

Even if you are not required to file a 2021 tax return under IRS rules, doing so may put additional money in your pocket. The IRS recently reminded Americans of five important opportunities that are only available to those who file.

CLAIM A REFUND OF TAXES WITHHELD. If federal income tax was withheld from wages or other payments you received in 2021, the amount withheld may be more than you owe. By filing a return, you can claim an IRS refund of any excess withholding.

EARNED INCOME TAX CREDIT (EITC). If you earned income in 2021 (for example, as an employee or through gig economy work) and your total income was below $57,414, you may qualify for this credit. The online EITC Assistant (link below) can help you determine your eligibility.

CHILD TAX CREDIT (CTC). You may be eligible to claim this credit if you have dependent children under age 18. The standard credit amount is $3,600 per qualifying child under age 6, and $3,000 per qualifying child age 6-17.

RECOVERY REBATE CREDIT. If you did not receive a third economic impact payment (EIP) in 2021, or if you got a smaller EIP than you were entitled to, you may be able to claim this credit. (Note: EIPs were also sometimes called stimulus payments.)

AMERICAN OPPORTUNITY TAX CREDIT (AOTC). If you paid higher education expenses (tuition and school fees) for yourself, your spouse or a dependent, you may receive reimbursement for some of those expenses through the AOTC.

All of the above credits are wholly or partially refundable, meaning that you can receive the credit as an IRS refund even if you do not owe any tax. We can help you determine whether you qualify for a refund, and if so, help you claim it by filing a 2021 tax return.

EITC Assistant: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant