October Tax Deadline Fast Approaches

          The last day to file a California state personal income tax return on an extension is Friday, October 15. Anything after that will be considered late by the Franchise Tax Board (FTB). Filing on time will avoid penalties, and potentially allow you to qualify for Golden State Stimulus (GSS) payments. If you do not file income taxes for 2020, you cannot qualify.

          If you have income of less than $75,000 for 2020, you can qualify for a GSS payment. In addition, the taxpayer cannot be claimed as a dependent and must be a resident of California when the payment is issued. They also must have spent at least half of 2020 in the state of California. If you have provided bank account information to the FTB, you can expect an electronic deposit. Otherwise, the payment will be sent by mail. It is estimated that half a million tax returns still need to be filed. If you have not done so already, speak with your Qualified Tax Professional.

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