For Federal Income Tax Returns

The IRS announced that taxpayers who live in counties designated by FEMA as disaster areas because of the January 2023 storms now have more time to file and pay their Federal Income Tax Returns.

As of the date of this writing eligible taxpayers for the Federal postponement are individuals and businesses that are located in Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo and Yuba counties. See the IRS news release for updates to this list: HERE

Eligible taxpayers for Federal purposes have until October 16th to:

• File their 2022 income tax returns (individual, business, and tax-exempt entities)
• Pay their 2022 Q4 Estimate
• Pay their 2022 Balance Due
• Pay their 2023 Q1, Q2, and Q3 Estimates
• Make 2022 IRA contributions (be sure to check with your financial institution that they will accept payments after 4/18/23)
• Make 2022 HSA contributions (be sure to check with your financial institution that they will accept payments after 4/18/23)

Note: Four more counties were added as of 3/9/23. Those counties are: Imperial, Kern, Plumas, and Sierra. But their postponment covers only deadlines that ocurred after March 9th (so it is pretty much everything listed above except the 2022 Q4 estimate). To see the latest News Release, click HERE.

For California Income Tax Returns

See the California news release for updates to this list: HERE.

Eligible taxpayers for the California Postponement have until October 16th to:

• File their 2022 income tax returns (individual & business returns normally due on 3/15 or 4/18)
• Pay their 2022 Q4 Estimate
• Pay their 2022 Balance Due
• Pay their 2023 Q1, Q2, and Q3 Estimates
• Pay their PTET payments (normally due 6/15)

Should you wait?

There are two steps to your tax return: Filing and Paying

1. Filing: Your tax preparer may have other work already planned for after April 15th (the normal deadline) so we encourage you to file earlier rather than later.
2. Paying: If you are discliplined with money, it does make sense to delay making the payments. Save that cash and earn interest on your money until the payments are due on October 16th. If you are not disciplined with money then you may want to make the payments on the regular schedule.