In light of the devastating impact of Hurricane Beryl this month, the IRS has announced an extension on tax return deadlines for Americans affected by the storm.
Hurricane Beryl wreaked havoc across 67 counties in Texas during early July. The storm caused severe flooding, destroyed numerous homes, and left 2 million people without power. Tragically, the hurricane claimed at least six lives.
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The IRS has extended the deadline to February 3, 2025
If you are a taxpayer in one of the impacted counties, you now have some additional time to file your federal individual and business tax returns or make tax payments.
One significant concession the IRS typically offers after natural disasters is the ability to claim uninsured or unreimbursed disaster-related losses on your tax returns. Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, emphasized the importance of this provision for those affected by Hurricane Beryl.
“Those affected by Hurricane Beryl should take note of the ability to claim uninsured or unreimbursed disaster-related losses on their returns,” Beene told Newsweek.
Make sure you are well-prepared to take advantage of this extension. Here are some steps to consider:
- Gather all relevant documentation of your losses.
- Consult with a tax professional to understand your entitlements.
- Ensure you have all necessary forms and information ready for filing by the new deadline.
By staying informed and prepared, you can better navigate the aftermath of Hurricane Beryl and take full advantage of the relief measures provided.
For more updates and detailed guidance, keep an eye on official IRS announcements. Your financial recovery is crucial, and knowing your options can make a significant difference.
One of the most crucial aspects of the current tax regulations is the ability to claim relief for either the current tax year or the prior tax year of 2023. This flexibility is essential, especially for individuals with car and homeowner insurance who often find that their insurance doesn’t cover certain disaster-related damages.
Understanding Your Options
When facing unexpected financial burdens due to disasters, knowing that you can choose the most beneficial tax year to claim relief can make a significant difference. This option is available even if your insurance policy does not cover all damages, providing an additional layer of financial security.
Qualifying Counties for the Updated Tax Deadline
If you reside in one of the following counties, you qualify for the updated tax deadline:
- Anderson
- Angelina
- Aransas
- Austin
- Bowie
- Brazoria
- Brazos
- Burleson
- Calhoun
- Cameron
- Camp
- Cass
- Chambers
- Cherokee
- Colorado
- Dewitt
- Fayette
- Fort Bend
- Freestone
- Galveston
- Goliad
- Gregg
- Grimes
- Hardin
- Harris
- Harrison
- Hidalgo
- Houston
- Jackson
- Jasper
- Jefferson
- Kenedy
- Kleberg
- Lavaca
- Lee
- Leon
- Liberty
- Madison
- Marion
- Matagorda
- Milam
- Montgomery
- Morris
- Nacogdoches
- Newton
- Nueces
- Orange
- Panola
- Polk
- Refugio
- Robertson
- Rusk
- Sabine
- San Augustine
- San Jacinto
- San Patricio
- Shelby
- Trinity
- Tyler
- Upshur
- Victoria
- Walker
- Waller
- Washington
- Webb
- Wharton
- Willacy
By staying informed and understanding your options, you can ensure that you are taking full advantage of the available tax relief, providing some peace of mind during challenging times.
The IRS has recently announced that tax relief will be extended to any additional counties that are later declared part of the disaster area. This means that residents of any newly added counties can also benefit from the same relief measures.
Automatic Tax Relief
If your address on file with the IRS is in one of the affected counties, you will automatically receive the tax relief and updated deadlines without needing to contact the agency directly. This streamlined process ensures that you get the necessary support without any additional hassle.
What to Do If You’ve Moved
For those who have relocated to an affected area after filing their last tax return, it’s important to call the IRS if you receive a notice for any late filing or payment penalties. This step is crucial for ensuring that your records are updated and that you receive the appropriate relief.
New Deadlines and Penalty Removal
The extended deadlines apply to individuals, businesses, and tax-exempt organizations. Penalties for not making payroll or excise tax deposits due between July 5, 2024, and July 22, 2024, will be waived if the deposits are made by July 22, 2024. This extension provides much-needed breathing room for those affected by the disaster.
Benefits of Deadline Extensions
According to Beene, the decision to delay deadlines can significantly reduce errors in tax returns. “Deadlines for tax filings due for affected individuals and businesses in the current tax year have also been pushed back to February 2025,” Beene noted. “While this move is aimed at easing the burden on those impacted by Hurricane Beryl, it can also benefit the IRS. Maintaining the original deadlines could lead to rushed filings with errors that might otherwise have been avoided.”
This extension not only provides relief but also ensures a higher accuracy in tax returns, ultimately benefiting both taxpayers and the IRS.