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Community April 11, 2008
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Last-minute tax tips

The Franchise Tax Board offers last-minute tips for taxpayers and outlines the 10 tax filing errors that delay refunds.

"There is time left for even the most complicated returns, and we offer a number of tools that can help you speed up your refund and prevent errors in the filing process," said State Controller and Franchise Tax Board Chair John Chiang.

Taxpayers who file online and have their refunds issued by direct deposit often get refunds within a week. Paper returns requesting check-issued refunds will take six to eight weeks.

The 10 most common filing errors are:

•Estimated tax payments- Claimed amounts do not match Franchise Tax Board records.

•Payments and credits- Amounts either incorrectly added or subtracted from total tax.

•Withholding credits- Amount of withholding claimed does not match W-2s.

•Estimated tax transfer- Incorrect refund amount transferred from previous tax year.

•Excess state or voluntary plan disability insurance- Excess amount is not substantiated.

•Exemption credits- Claimed amounts miscalculated due to income limitations or computation errors.

•Amended returns- Incorrect amounts transferred from original return to amended return.

•Tax- Wrong amounts selected from the tax table on paper returns.

•Renter's credit- Wrong amounts claimed for filing status, income limits exceeded or not qualified due to residency status.

• Deductions- Incorrect amounts claimed for standard or itemized deductions.

California automatically gives taxpayers a filing extension on their state returns to Oct. 15.

However, taxpayers who owe tax this year should pay that amount by April 15 to avoid interest and penalties.

Taxpayers unable to pay by April 15 can request a payment plan online. Those who owe less than $25,000 and can pay within five years will generally qualify.