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The top 5 things that everyone needs to know about California State Tax Laws and why is the involvement of a Los Angeles tax accountant necessary. Here is what you need to know - https://jarrarcpa.com/tax-accountant-los-angeles/
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Tax Deadline - Apr 18, 2023 As of 2023, the 18th of April is considered the tax day. It is the last date, or the federal deadline, meant for submitting federal income tax returns of 2022. The fact is, if you want some more time to submit your income tax return, and need an extension, this is the very date that you request it using Form 4868.
Tax Software is there to Help The entire process of taxation is complex indeed. People often tend to get confused with numbers. And a slight mistake in filing may even lead to expenses behind penalties. But now, you can make use of tax software to help you with your state taxes. Although there is a processing fee that this software might charge, still it is a better option as there would be no room for errors. TaxAct, Turbotax, TaxSlayer, etc., are such software that can help.
California Offers Tax Payment Plans This is a striking feature if you are a Californian resident, or are a tax-payer based in California. If you owe the state taxes, and your total payable tax amount for the year is less than $25,000, California state has payment plans settled for you! They would charge a fee against which they would give you a time frame of 3 to 5 years to pay your total tax bill. Other than this, if you want to simplify your tax amount calculation, make sure to hire a Los Angeles tax accountant.
California Offers Compromise Programs If you are seriously in a condition that has made you unable to pay your tax debt, you can always subject yourself to the compromise program of the California Franchise Tax Board. This compromise program of the Californian state tax department allows a person to pay taxes less than the amount that they owe to the state government. However, there is a range of regulations and policies that only a Los Angeles tax accountant can make you aware of.
30-Day Delay If you are in a situation where your funds are lacking, but your tax submission deadline is knocking at the door, you can request an extension of time. This extension that the Californian Franchise Tax Board allows, is a 30-day delay within which you can freely pay your due taxes and be free from the tension. But also remember, that this 30-day delay request is a one-time offer, which you can’t avail of twice.
