Deadline for State Personal Income Tax Returns | Business
Reminder: Monday, October 17 is the deadline to timely file your 2010 state personal income tax returns to avoid late filing penalties.
More than 1.5 million Californians take advantage of California’s automatic extension for filing personal income tax returns.
Free tax help is out there. ReadyReturn and CalFile will be available through October 17 on the Franchise Tax board’s website ftb.ca.gov. The ReadyReturn program completes the taxpayer’s return using information already collected from employers such as W-2s. As of October 6, FTB has 95,000 ReadyReturns available for taxpayers who have yet to file. CalFile is a free e-file program that accepts income of up to $324,376, itemized deductions, and some tax credits. Taxpayers can access CalFile from the FTB website to input their information and send their return directly to FTB.
Taxpayers can also use a tax preparer, or one of the other free or fee-based e-file services listed on FTB's website. E-filing provides faster processing, increased accuracy, and a timely confirmation that FTB received the return. For quick refunds, FTB encourages taxpayers to opt for direct deposit into their bank account.
Taxpayers can also access MyFTB Account, an online service where taxpayers can view their wage and withholding information, estimated payments, FTB-issued 1099s, and current balance information.
FTB offers electronic payment options as well. FTB's Web Pay allows taxpayers to authorize a payment from their bank account to pay their return balance due or estimated tax payments. For a fee, taxpayers can also pay using major credit cards by calling (800) 2PAY TAX [800. 272.9829] or go to officialpayments.com.
Installment payment plans are available on FTB's website for taxpayers who face financial trouble. Those who owe less than $25,000 and can repay the balance within five years generally qualify.
And, remember the Federal Earned Income Tax Credit (EITC). This is a federal incentive for low-income individuals and families. Taxpayers earning less than $48,362 can qualify for a “refundable” credit that can total up to $5,666. "Refundable" means that you do not have to have a tax liability to get a refund check from the government. If you think you might qualify, go to the IRS website at irs.gov and search for EITC Assistant.
As of October 6, 2011, California taxpayers filed more than 14.7 million personal income tax returns of which 11.7 million were e-filed. The state has issued 9.5 million refunds totaling $8.1 billion.