DISCLAIMER: This is not tax or financial advice. Consult your tax professional to determine if this is right for you.
This is MOSTLY for California residents.
The IRS has granted an automatic extension to file AND PAY your taxes until October 16th for people who live in FEMA’s Disaster Relief Areas (see the county list below).
The State of California has granted a similar extension for state taxes this year.
So if you OWE Federal or California taxes this year, then consider NOT paying until October.
It would behoove you to keep the money you owe for taxes set aside in 6-month Treasuries paying 4.8% until you’re required to pay in October.
That’s like getting a 2.4% discount on your taxes for 2022.
That said, if you DON’T owe anything, then just complete your return (and get your refund).
I wouldn’t use this as an excuse to delay doing your taxes because if the IRS screws up and sends you a penalty letter in error, it will still be up to you to fix it.
And if you’ve ever had to deal with the IRS, you know it’s something to avoid if you can.
LIST OF QUALIFYING COUNTIES:
- Alameda
- Colusa
- Contra Costa
- El Dorado
- Fresno
- Glenn
- Humboldt
- Kings,
- Lake
- Los Angeles
- Madera
- Marin
- Mariposa
- Mendocino
- Merced
- Mono
- Monterey
- Napa
- Orange
- Placer
- Riverside
- Sacramento
- San Benito
- San Bernardino
- San Diego
- San Francisco
- San Joaquin
- San Luis Obispo
- San Mateo
- Santa Barbara
- Santa Clara
- Santa Cruz
- Solano
- Sonoma
- Stanislaus
- Sutter
- Tehama
- Tulare
- Ventura
- Yolo
- Yuba
