The IRS has released information that will be helpful to Hurricane Harvey victims. While Respire Wealth Management, LLC does not provide tax advice, we can advise you to keep your receipts and remember to talk to your tax advisor at the end of the year. Some useful relief measures from the IRS.gov site are:
Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year), or the return for the prior year (2016).
The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 23, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period. This includes the Sept. 15, 2017 and Jan. 16, 2018 deadlines for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief.
Visit these links and their related Publications for more information, and don’t forget to save your receipts and talk to your tax advisor.
https://www.irs.gov/newsroom/help-for-victims-of-hurricane-harvey
