• Taxpayers can file taxes until October 16, 2023.
• They can use that time to triple check the accuracy of their statements.
• The tax extension also gives drivers more time to make IRA contributions.
Between December 2022 and March 2023, California residents experienced record heavy rainfall and flooding, now considered natural disasters by the IRS.
To accommodate individual taxpayers and businesses affected by the storm, the IRS has extended the tax filing deadline for California taxpayers by six months, to October 16, 2023.
According to the State of California Franchiseise Tax Board, an extension to file your tax return generally does not mean that you also have an extension to pay your taxes. However, taxes for the 2022 tax season do not have to be paid until October 16.
In addition, the Internal Revenue Service states that it automatically provides filing and penalty relief to any taxpayer with an IRS registered address located in the disaster area. Therefore, taxpayers do not need to contact the agency to obtain this relief.
However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended deposit, payment, or filing due date that falls within the deferral period, the taxpayer should call the number provided. on the notice to request that the fine be removed.
As tax professionals we suggest our trucking friends to make the most of the extension.
Maximize your IRA contributions
Any retirement contributions you make reduce your adjusted gross income. Among other things, this means that eligible taxpayers will also have until October 16 to make 2022 contributions to their IRA accounts. In 2022, the limit for IRA contributions is $6,000 per year, or $7,000 if you´re age 50 or older at the end of the year.
Additionally, truckers who opt out of making estimated tax payments and normally file their returns by April 15 will now have until October 16, 2023 to file their 2022 returns and pay any tax due.
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