Tax Late Filing
Question: if i file state tax late to state of california but a refund is due to me, should FTB charge a penalty still?
i am filing late for year 2007 which, i am due a refund from the state of california. they are saying i still would owe because of penalty for filing late. if a am owed a refund and i do not owe the state of california taxes, to begin with, why should it cost me penalty? isn’t it unfair practice? because the federal IRS does not do that. they give full refund that is due to individual.
Answer: If the Franchise Tax Board as sent you an official demand for filing of your return AND you do not file by the deadline you will be charged a notice and demand penalty of 25% of the tax due on the return before subtracting withholding.
Tax deductions: Parents pay student’s debt. Is it deductible?
Tax deductions for parents who pay a student loan in their daughter’s name look iffy. Tax deductions are leadoff question in this reader mailbag.
Income tax surcharge and late payment fine, can i A4V it?
