Hurricane Helene significantly impacted the Southeast, especially in Georgia, and for many, recovery is just beginning. The IRS has announced disaster tax relief for those affected, offering some financial respite through extended deadlines and tax deductions for hurricane-related losses.
If you or your business suffered property damage or financial losses due to the hurricane, understanding the available relief can help you regain stability. Here’s what you need to know:
Extended Deadlines for Tax Filings
The IRS has extended tax deadlines for those impacted by Hurricane Helene. Residents and businesses in FEMA-designated disaster areas, including the entire state of Georgia, now have until May 1, 2025, to file various federal tax returns and make tax payments. This extension covers:
- Individual tax returns that were for tax year 2023 that had to be extended until October 15, 2024 and tax year 2024 returns due April 15, 2025.
- Quarterly estimated tax payments for individuals and businesses, ordinarily due in January and April 2025.
- Business returns, for tax year 2024 which were due March 15, 2025 and payroll and excise tax returns, scheduled between the disaster period and the new deadline.
This extra time can provide a much-needed financial cushion for those struggling to recover.
Claiming Disaster-Related Losses on Your Taxes
One significant benefit of the IRS’s disaster relief is the ability to claim losses from natural disasters as a tax deduction. If Hurricane Helene caused damage to your home, business, or property, you may be eligible to deduct these losses on your federal tax return. Here’s how it works:
- Document Everything: Keep thorough records of the damage, including photos, repair costs, and estimates. This documentation will be essential when filing your tax return.
- Choose the Best Year: You can claim the losses on your 2023 or 2024 tax return. Deciding which year to claim depends on your financial situation—claiming it in 2023 could result in a quicker refund, while 2024 may provide a more favorable outcome depending on your other deductions and tax bracket.
- Consider All Costs: Remember that eligible deductions include not just property damage but also debris removal and temporary housing costs if your home was made uninhabitable.
Additional Relief for Late Deposits
In addition to extended filing deadlines, the IRS has also waived penalties for late deposits of payroll and excise taxes due between the hurricane and October 9, 2024. Businesses can avoid costly penalties as long as deposits are made by the new May 1, 2025 deadline.
Fricke & Associates Is Here to Help
Navigating disaster relief tax filings can be challenging, but you don’t have to do it alone. At Fricke & Associates, we are ready to help you take advantage of the IRS’s tax relief provisions, ensuring you claim all eligible deductions and meet the extended deadlines. Our team of experts is here to support you every step of the way as you recover from the impact of Hurricane Helene.
For more information on how to claim disaster-related losses, contact us today. We’re here to provide guidance, peace of mind, and the expertise you need to get back on track.
The post Tax Relief After Hurricane Helene: What You Need to Know appeared first on Fricke & Associates.
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