New York – If your life has been overturned by a Forest fire, hurricane, flood, tornado or other disaster Last year, the IRS acknowledges that you may need more time to present your taxes and give you an automatic extension beyond the normal presentation deadline, which is Tuesday.
It is also allowed to cancel a certain amount of losses due to disaster, reducing its tax burden. That could be damaged property, loss of income or losses of small businesses.
“You can really feel discouraging and overwhelming, after having lost your home or your vehicle, to address that project (loss cancellation). You can take time and much energy,” said Alison Flores, manager of the Tax Institute for HANDR Block. “We see that people hesitate to address that, so they leave that loss on the table.”
Following a disaster, people are also more vulnerable to scamsSo you are more vigilant while preparing your taxes, even with the extra time of an extension of the IRS.
“The scammers often represent as representatives of the IRS or FEM to exploit the victims of disasters,” said Misty Erickson, manager of the fiscal content program of the National Association of Tax Professionals. “Common scams include false promises of tax reimbursements, false beneficial organizations that request phishing donations and attempts that request personal or financial information.”
This is what you should know:
The IRS keeps An official online list of all disaster locations that qualify for an extension to the file.
During the past year, the people and companies affected by the Hurricanes Helene and Milton qualify for fiscal relief, as well as the victims of disasters in parts of Alabama, Florida, Georgia, North Carolina, South Carolina, New Mexico, Tennessee, Virginia, W.V.and Below.
Taxpayers in these areas have until May 1 to present returns and make payments, and there is no need to make any additional document to receive that additional two -week grace period. The archivators also have the option of requesting additional extensions to October 15, but the interest will accumulate if money is not paid for money for May 1.
Individuals and businesses in South California affected by forest fires and straight line winds It also qualifies for automatic extensions due to disaster. Taxpayers in the relevant counties have until October 15 to submit statements and make payments.
Any interests or rates that normally accumulate In late payments they will not accumulate during disaster extensions. Most direct disaster relief are also not counted as income, so it is not taxed.
While nothing is easy in the first days and weeks after a disaster, some options can help by looking for insurance reimbursement and at the time of taxes.
“We recommend saving the media coverage,” Flores said. “If your neighborhood was in the news that showed the disaster, write what date it was or records that copy. Anything that corroborates its losses and in what condition its property was.”
According to the IRS, other steps include:
– Take photographs of damaged properties or belongings to document and calculate the amount of your loss.
– Keep receipts of the associated expenses, including the work hired in the property damaged by the disaster.
– Maintain records of the original value of any property, including a house, a car, jewels or large credit card purchases.
Presenting your insurance claims as soon as possible is also important, since it deduces any insurance reimbursement for disaster losses claimed in your tax declaration.
“When we look at a loss, there is often a damage to your home, furniture inside your home, vehicles, such things,” Flores said. “Most of the time, people will have home and car insurance insurance, and will present claims. That is the first step. Tax deduction is for losses that are not paid or reimbursed.”
The IRS calls this type of relief in disasters “loss of victims.” Claiming the loss of victims does not result in a reimbursement in dollars per dollar, but reduces its fiscal charge, which may mean more effective to help pay recovery.
Form 4684which includes when it presents its return, guides it through the relevant steps to calculate its cancellation.
Disaster victims can deduce their losses in the year in which they suffered the loss or in the previous year, in that case, by presenting a statement.
Following a disaster, it is normal to feel vulnerable and listen to voices that promise relief. But scammers often point to disaster victims for this reason.
“Taxpayers must be cautious with unplayed phone calls, emails or text messages that claim to be the IRS or aid agencies,” Erickson said. “IRS never starts contact by email, text messages or social networks to request confidential information. In case of doubt, taxpayers must verify correspondence by calling official numbers directly.”
According to the IRS, you must be careful:
– Large days of payment: the promise of more money than you think it sounds reasonable. Bad advisors can make extravagant statements about available credits.
– Threats and demands: Any pressure to pay fiscal aid “now or otherwise,” says arrest or deportation, or the negatives to allow you to question or appeal the taxes they say.
– suspicious or poorly written website links that are not IRS.gov.
Scammers can say that they want to “help” him to present claims of loss of victims or obtain great reimbursements. Always trust the official IRS Government websites and be careful with high -pricing label or sensational promises suspected offers.
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