As tax season approaches, many people look forward to a return. This detailed guide explains when and how to anticipate California and federal tax returns.
California and federal tax refund (Photo: Google)
Navigating Tax Deadlines
California’s Franchise Tax Board (FTB) began taking returns on January 2. On January 29, the IRS will accept 2023 income tax returns. Federal tax returns must be filed by April 15. California state returns have the same deadline, but an automatic extension until October 15. Regardless of the filing date, you must pay state and IRS taxes by April 15.
State Controller and FTB Chair Malia M. Cohen stresses the necessity of preparing tax documents to streamline filing. Online options like electronic filing and direct payment can speed up refunds for Californians.
You can get your refund in 21 days if you file online with the FTB and IRS. Direct deposit and error-free files haveten reimbursement. However, submitting a paper return in California may delay your refund by three months.
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Tracking Your Refund
Amended federal returns or postal filings may take four weeks or more.
Both the FTB and IRS offer return tracking facilities. Online FTB services require your Social Security number, ZIP code, refund amount, and postal address numbers. The IRS’s “Where’s My Refund?” service is available 24 hours following electronic returns. Social Security or individual taxpayer ID number, filing status, and return amount are crucial. The IRS2Go app is very useful.
Refunds for earned income tax credits or extra child tax credits may be delayed until mid-February. An authoritative source on personal finance and economic news, The Sum simplifies financial issues. Trust The Sum for verifiable financial information that affects your life.
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