If you were affected by Hurricanes Helene or Milton, the IRS has announced much-needed tax relief for individuals and businesses in disaster areas. Here’s what you need to know: - Extended deadlines.
The IRS has postponed filing and payment deadlines to May 1, 2025, giving impacted taxpayers more time to focus on recovery.
This applies to:
- Individual income tax returns
- Business tax returns
- Quarterly estimated tax payments
Who Qualifies?
If you live or own a business in a federally declared disaster area affected by these hurricanes, you’re eligible for this relief. Check the IRS website for specific locations included in the declaration. Casualty loss deductions.
If you suffered property damage, you may qualify for casualty loss deductions. These losses can be claimed on your federal tax return, providing financial relief for uninsured or unreimbursed damage.
How to claim relief?
No need to call the IRS; eligible taxpayers will automatically have their deadlines extended. If you receive a penalty notice for missing a deadline during the disaster period, contact the IRS to have it waived.
Important tips:
- Keep detailed records of damages and expenses.
- Consult a tax professional for guidance on claiming losses and deductions - don’t hesitate to book a free consultation with us.
- Stay informed about additional state or local relief programs that may be available.
Remember: the IRS is here to help, but the sooner you act, the better. Don’t let tax issues add stress during this challenging time.Learn more at ptc.tax.
