Time to fire up your 2014 taxes: California’s tax season official opened Thursday.
The state Franchise Tax Board, which announced it is now accepting 2014 state tax returns, said there are a number of changes for both businesses and individual filers this year.
For example, business taxpayers using tax preparation software must file their return electronically. The requirement applies to both original and amended returns.
Other changes announced by the FTB:
Three more charitable funds have been added to the state’s check-off donation box on 2014 tax returns. They are: California Senior Legislature, Habitat for Humanity and the California Sexual Violence Victim Services.
For individual/household filers, the standard deduction for single or filing separately tax statuses increased to $3,992. For joint, surviving spouse or head of household filers, it increased to $7,984. The dependent exemption credit increased to $333 per dependent. The personal exemption amount for single, filing separately and head of household filers increased to $108. For joint or surviving spouses, it increased to $216.
Taxpayers with legal questions can get basic advice on state tax laws, using an email form “Ask a Legal Expert”.
Both individuals and businesses can now pay their state income taxes via credit card.
For more details, see ftb.ca.gov.
Call The Bee’s Mark Glover, (916) 321-1184.