Wednesday is Tax Day – the day your federal and state income tax returns are due – and the Franchise Tax Board is bracing for filings from millions of procrastinating Californians.
The FTB expects to receive 16 million tax returns this year – and as of late yesterday afternoon, they were up to 12.3 million.
Taxpayers can get an extension until October 15th if they want – but “the extension of time is for your paperwork – if you owe any tax monies, those are due by April 15th,” says the FTB’s Denise Azimi.
She says taxpayers who can’t afford their bills should pay as much as they can now, then work with the state to set up a payment plan. “The worst thing you can do is put your head in the sand, because we will eventually catch up to you and the problem just gets much worse.”
The FTB says the fastest way to get your refund is to file electronically. The state can put a direct deposit into your bank account within 7-to-10 days. If you file on paper, you could wait two months.