Thanks for this great questions:
Once the filing date is past, then your taxes will be considered delinquent and subject to penalties and more interest. Best to file now and if you owe and can not pay, you can set up a payment plan. This will cost you a lot less in the long run.
There is some info on late filing for the Federal return. California will be similar:
• The federal tax return filing deadline for tax year 2022 is April 18, 2023.
• If you can’t file on time, you should file an extension by the tax deadline. This will push back the tax filing deadline and protect you from possible failure-to-file penalties.
• If you missed the filing deadline, didn't file for an extension, and owe income taxes, you may face a late filing penalty of 5% of the unpaid tax per month, plus interest.
• If you have a refund coming from the IRS, then there's no penalty for failing to file your tax return by the deadline, even if you don't ask for an extension. However, this might not be the case for state taxes.
Please look over this link that talks about late filing:
https://turbotax.intuit.com/tax-tips/irs-tax-return/filing-your-taxes-late/L7IhvwH9b
Here is a link for CA late filing:
https://www.ftb.ca.gov/pay/penalties-and-interest/index.html
As far as setting up a payment plan, I recommend you file your return, and then go to your IRS account: IRS account to view transcript, set up payment plan and make estimates Once you create your account, go to Tax Records, Get Transcripts, put in a reason, GO. Then you will see all of your transcripts. You can also set up a payment plan, and make estimated payments with your IRS account.
For California: https://www.ftb.ca.gov/pay/payment-plans/index.asp
I sure hope this has helped.
If you reply back, I will try to keep an eye open to assist further.
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Katie S.
Katherine S 63
