The IRS has extended tax deadlines for individuals and businesses affected by Hurricane Beryl, which hit 67 Texas counties in early July. The hurricane caused severe flooding, damaged homes, and resulted in power outages for 2 million people, with at least six fatalities reported.
Affected taxpayers now have until February 3, 2025, to file their federal individual and business tax returns or make payments, as announced by the IRS this week.
One key benefit for those impacted by the hurricane is the ability to claim uninsured or unreimbursed disaster-related losses on their tax returns. According to Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, taxpayers can choose to claim these losses for either the current tax year or the previous one, 2023. This option is significant, as insurance often does not cover all disaster-related damages.
The extended deadline applies to taxpayers in the following counties: Anderson, Angelina, Aransas, Austin, Bowie, Brazoria, Brazos, Burleson, Calhoun, Cameron, Camp, Cass, Chambers, Cherokee, Colorado, Dewitt, Fayette, Fort Bend, Freestone, Galveston, Goliad, Gregg, Grimes, Hardin, Harris, Harrison, Hidalgo, Houston, Jackson, Jasper, Jefferson, Kenedy, Kleberg, Lavaca, Lee, Leon, Liberty, Madison, Marion, Matagorda, Milam, Montgomery, Morris, Nacogdoches, Newton, Nueces, Orange, Panola, Polk, Refugio, Robertson, Rusk, Sabine, San Augustine, San Jacinto, San Patricio, Shelby, Trinity, Tyler, Upshur, Victoria, Walker, Waller, Washington, Webb, Wharton, and Willacy counties. The IRS noted that any additional counties added to the disaster area will also receive the extended deadline.
Taxpayers residing in these counties will automatically receive the extended deadline without needing to contact the IRS. However, those who moved to the affected areas after their last tax return should contact the IRS if they receive any notices about late filing or payment penalties.
The deadline extension applies to individuals, businesses, and tax-exempt organizations, and it also removes penalties for missed payroll or excise tax deposits due between July 5, 2024, and July 22, 2024, provided these are made by the new deadline.
Beene pointed out that delaying the deadlines can help reduce errors in tax returns. βThe extension helps avoid rushed filings that might otherwise contain errors, which could be corrected if given more time,β he said.
Hurricane Beryl’s impact has been substantial, with recent estimates putting the damage costs at $3.3 billion in the United States.
Rubby Cordelia is a finance journalist for WVPrepBB.com, bringing expertise and clarity to her reporting on financial news. With a passion for demystifying complex economic issues, Rubby delivers insightful analysis and up-to-date information on the latest market trends, financial policies, and economic developments. Her work on WVPrepBB.com is essential reading for anyone looking to stay informed about the ever-changing world of finance.
