CA Fire & Taxes

First off, our condolences to all those impacted by the fires in California. We wanted to provide tax updates as it relates to those affected…

(info taken from www.ftb.ca.gov site)
Los Angeles County individuals and businesses impacted by fires that began on January 7, 2025, qualify for a postponement to file, and pay taxes until October 15, 2025 with both the IRS and California.
 
This includes:

• 2024 individual income tax returns and payments normally due on April 15, 2025.
• Quarterly estimated tax payments normally due on January 15, April 15, June 15, September 15, 2025.
• Calendar-year 2024 partnership, limited liability company (LLC), and S corporation tax returns and payments normally due on March 15, 2025.
• Calendar-year 2024 corporate and fiduciary income tax returns and payments normally due on April 15, 2025.
• Calendar-year 2024 returns filed by tax-exempt organizations normally due on May 15, 2025.
• Calendar-year 2025 LLC annual tax payments normally due on April 15, 2025, and LLC estimated fee payments normally due on June 15, 2025.
• Passthrough Entity Elective Tax payments normally due on March 15 and June 15, 2025.

 
NOTE: Only Los Angeles County was granted the postponement to file and pay taxes until October 15, 2025. Taxpayers with their principal residence or their principal place of business located outside of Los Angeles County must file and pay by the normal due dates.
 
Homeowners can deduct fire-related property losses not covered by insurance.
 
Tax credits are also available for businesses impacted by mandatory evacuations or structural damage.