Tax Relief Available for Victims of Recent Hurricanes
The IRS is offering a helping hand to those affected by the recent hurricanes in Florida and the Southeast. Here's a summary of the tax relief available:
More Time to File and Pay: The IRS automatically extends deadlines for tax filing and payment for those living in disaster areas. This currently applies to residents of Alabama, Florida, Georgia, North Carolina, South Carolina, parts of Tennessee and Virginia. The deadline to file 2023 tax returns and pay 2024 taxes is now May 1, 2025.
Tax-Free Disaster Payments: Financial assistance from government agencies for living expenses, repairs, or replacements is generally not considered taxable income.
Retirement Plan Help: Those impacted may be eligible for special tax-advantaged distributions from retirement plans.
Disaster Loss Deduction: Individuals and businesses in declared disaster areas may qualify for a deduction on damaged or destroyed property not covered by insurance. This deduction can be claimed on your current or previous year's tax return.
Free Tax Transcripts and Copy of Tax Return: The IRS offers free transcripts and copies of tax returns to those needing them for disaster assistance applications or amended returns.
Additional Resources
The IRS disaster hotline: 866-562-5227
IRS disaster relief information page: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
For full details and specific rules, refer to the resources provided by the IRS.
Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.
