California joins IRS, moving tax filing deadline to Oct. 15 for L.A. County residents
The wildfire disasters in Los Angeles County prompted the Franchise Tax Board to push the state’s tax filing deadline to Oct. 15 for county residents.
The move, announced Saturday, Jan. 11, follows the Internal Revenue Service, which on Friday postponed the federal filing deadline for LA county residents to mid-October.
Individual and business tax returns or requests for extensions are typically due April 15.
The deadline change, permitted under presidential disaster declarations, is similar to those in previous years when flooding or wildfires hindered residents and business owners suffering from property loss or damages.
Such filing delays are aimed at those affected directly by disasters, but often are extended to anyone living in an area under a FEMA declaration. A good way to stay on top of the IRS is to check its newsroom during tax season.
Wind-swept wildfires have ravaged Pacific Palisades and Altadena communities. Thousands of residents were left with destroyed homes and almost no belongings.
The state noted in its announcement that taxpayers impacted by “a presidentially declared disaster” (which the LA fires are) can claim a deduction for disaster loss. “The advantage of claiming the disaster loss on a tax year 2024 return is that FTB can issue a refund sooner,” the announcement said.
Here’s what the state postponed to Oct. 15 for LA County residents:
—Individual tax returns and payments normally due on April 15.
—Quarterly estimated tax payments due Jan. 15, April 15, June 15, and Sept. 15.
—Businesses with corporate or pass-through entity tax returns due on March 15 and April 15.
—Pass-through entity elective tax payments due March 15 and June 15.
—Tax-exempt organizations also get to extend tax returns due May 15.
The FTB also recommends anyone affected by the wildfires to check out its “disaster loss deduction” website.