For individuals and businesses in the path of natural disasters, dealing with taxes is often the last thing on their minds. Fortunately, the IRS has announced tax relief for victims of Hurricane Debby, including extended filing deadlines and other crucial support.
If you or your business were affected by this storm in South Carolina, most of Florida, parts of North Carolina, or Georgia, the team at Murray Moyer is here to help you navigate the tax implications.
Key Relief Details for Hurricane Debby Victims
The IRS has provided an extension for various filing and payment deadlines for those in affected areas. Here’s what you need to know:
- Extended Filing Deadlines: Individuals and businesses in designated disaster areas now have until February 3, 2025 to file returns or make payments that were originally due between August 1 (through the 5th depending on the state), 2024, and February 2, 2025. This includes income tax returns, estimated tax payments, and quarterly payroll and excise tax returns.
- Eligible Areas: All of South Carolina, most of Florida, parts of North Carolina, and Georgia are included in the IRS’s relief declaration. If you’re unsure whether your location is eligible, the tax professionals at Murray Moyer can help clarify the details.
- Tax Planning Assistance: Natural disasters can disrupt businesses and personal finances. Murray Moyer can assist with tax strategies to take advantage of available relief, including adjusting estimated tax payments or reviewing tax deductions for casualty losses.
- Claiming Casualty Losses: If your property was damaged or destroyed due to Hurricane Debby, you might be eligible to claim casualty losses on your federal tax return. This can provide significant tax savings. The IRS allows you to claim these losses in the year they occurred or on an amended return for the previous year, potentially resulting in a faster refund.
How Murray Moyer Can Help
Navigating tax relief after a disaster can be overwhelming. Our experienced tax attorneys are here to guide you through the process, ensuring that you don’t miss out on valuable relief opportunities.
- Filing Assistance: We will make sure all necessary paperwork is filed accurately and on time, including any extensions.
- Casualty Loss Claims: We will help you document and claim any eligible losses, maximizing your tax benefits.
- Tax Strategies: Our team will develop a plan to minimize your tax burden and take full advantage of relief provisions.
Contact Us
If you’ve been impacted by Hurricane Debby and need tax help, don’t hesitate to reach out to us. Our tax law attorneys are ready to assist with all aspects of disaster-related tax relief. Contact us today for a consultation to learn more about your options and how we can help you move forward financially.
Written by Justin Moyer on September 17, 2024.