This year’s hurricane could be said to have taken a heavier toll on victims considering the consequences suffered across various states. As a result, the Internal Revenues Services (IRS) has pushed back for tax compliance of those individuals facing adverse effects from the recent storm. This is a welcomed development during these tough times for states recovering from the storms. The following is all you need to understand in order to benefit from the extended tax deadline if you are qualified.
Who qualifies for the IRS hurricane tax extension?
The IRS has extended tax deadlines for individuals and businesses in federally designated disaster areas impacted by this year’s hurricanes. If you live in an area hit hard by recent storms and have an address on file in the affected zone, you should automatically receive the extension.
The affected areas include:
- Florida, following Hurricanes Debby, Helene, and Milton
- Other states with federally declared disaster zones
To confirm if your county is eligible, you can check the IRS’s disaster relief page.
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What is the new tax deadline for affected taxpayers?
The new deadline is May 1, 2025. This deadline accounts for a number of different categories of tax liabilities including:
- 2024 individual income tax returns which were to be filed in April 2025
- 2023 business and partnership returns which were extended in the previous year to 2024
- Estimated tax payments in respect to the first and second quarters of the fiscal year 2025 due on January 15 and April 15 respectively
- Employment taxes and excise taxes estimated to be due on the last days of the month of October, January and April of the years 2024, 2025 and 2025 respectively
By doing this, the IRS’s primary objective is to relieve you from the pressure of federal tax due dates so that you can focus on rebuilding and recovering.
What should you do if you have already received a penalty notice?
If you are in an eligible disaster area but have already received a late-filing or late-payment penalty notice, contact the IRS directly. In most cases, taxpayers in affected areas will not need to do anything to get penalty relief. However, if you received a penalty notice, simply call the IRS disaster hotline at 866-562-5227 to discuss your case and get penalties waived.
How to claim disaster losses on your federal tax return
If you suffered losses not covered by insurance or other reimbursement, you may be eligible to claim a disaster-related casualty loss on your federal return. Here is what you need to know:
- You have the option to claim these losses either on your 2023 or 2024 tax return.
- This may include the cost of necessary repairs and losses to your personal property.
By itemizing these losses, you could potentially reduce your tax burden and offset some of the costs of the damage.
How to get more information about the tax extension and disaster relief
The IRS is offering resources to help those affected by the hurricanes understand the extension. You can find more information on the IRS’s disaster relief page or by consulting with a tax professional to ensure you are taking full advantage of available relief options.
Tax relief at times like these can be an invaluable support as you work through the many challenges that arise after a major storm. Make sure you know the deadlines and options available to you so you can prioritize what matters most in your recovery.
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