Hurricane Ian victimized millions of Americans, and now the IRS may be able to offer emergency tax relief to residents.
Hurricane Ian is defined as one of the most destructive hurricanes in history and it really damaged the state of Florida.
Around the same time, Hurricane Fiona struck Puerto Rico. Both of these hurricanes have severely damaged parts of the U.S.
What is the IRS doing for hurricane victims with emergency tax relief?
When it comes to those in Puerto Rico, the IRS has shared that they will offer a package filled with support measures, according to AS.
This includes tax deadlines being postponed and new systems that businesses can use to claim damages caused by the hurricane the next time they file taxes.
Florida has been offered similar emergency tax relief from the IRS. Now, Florida residents who have been directly impacted by the hurricane will be given a break. The new deadline for various individual tax returns, tax payments, and business tax returns will be Feb. 15, 2023.
People can also claim disaster-related casualty losses on their federal income tax returns for 2021 if they had the extension. If not, they can do this during their next tax filing.
Requirements to qualify for the emergency tax relief
Those who live in or have businesses in the state of Florida and were impacted by the hurricane will qualify.
This includes individuals, households, and businesses. Workers from other states that are involved in the recovery of Florida as well as anyone who was killed or injured from outside of Florida during the hurricane can qualify.
Safest U.S. cities to live in
Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].