Today the California Franchise Tax Board (FTB) announced that it is now accepting 2011 state tax returns.
California is falling in line with the federal government as far as the 2012 filing deadline. You must have your tax return postmarked no later than Tuesday, April 17th for it to be considered timely. The standard filing deadline is April 15th, but that falls on a Sunday this year. And Monday, April 16th is Emancipation Day, A District of Columbia holiday, which has the same effect as a national holiday when it comes to tax deadlines. But even though the April filing deadline is the 17th, the extension deadline will still be October 15th for federal tax returns.
- The top individual tax rate in California decreased from 9.55 percent to 9.3 percent.
- The standard deduction increased from $3,670 to 3,769 (increase from $7,340 to $7,538 for joint filers)
- The dependent exemption credit increased from $99 to $315 per dependent (personal exemption increased from $99 to $102 and from $198 to $204 for joint or surviving spouses)
- Child and dependent care expense credit is worth up to $1,125 for those who qualify