The Tax Factor was created to educate individuals and small-business owners about taxes. Let’s face it, nothing in life is guaranteed except death and taxes. Okay, maybe that sounded pretty depressing but the goal of this blog is to help you find the information to learn how to make taxes work for you. Taxes can be extremely complicated but knowing about deductions and credits can save you thousands of dollars per year.
Sep 11, 2012
That's What Friends Are For - IRS can help when natural disasters strike
Here is a word from the Goodfellas at the IRS:
Try as we may, the one thing no one can control is the weather. When natural disasters such as, floods, tornadoes and hurricanes occur, families and businesses can often feel overwhelmed when faced with rebuilding their lives. IRS wants to help. Did you know that special tax law provisions may help you recover financially from the impact of a federally declared disaster? If you have damaged or lost property in a location declared by the federal government as a major disaster area, you may be able to get some money back from the IRS right
Additionally, depending on your circumstances, the IRS may grant you more time to file your return and pay your taxes. You could get a faster refund by electing to claim your losses from a federally declared disaster on your tax return for the previous year, usually by filing an amended return. The due date for the amended return is the due date of the return for the year of the loss without extensions.
Check out the Tax Relief in Disaster Situations webpage to learn more about the latest disaster relief information. This page has helpful tax relief information for those affected by a disaster such as the Mississippi River flooding this spring, along with the April and May tornadoes.
Remember, when natural disasters strike, the IRS is here to help you.