If you live in a federally declared disaster area, you may qualify for extended due dates for filing returns and paying certain taxes. Under new rules, you also have more time to decide whether to claim a loss from a disaster on your prior-year federal income tax return. In addition, businesses may be able to allow employees to take hardship distributions from retirement plans, and participate in leave-sharing programs. Individuals, businesses, and estates and trusts who are affected by natural disasters such as hurricanes, floods, and other storms are generally eligible for disaster relief. Contact us for more information.
Remember tax breaks as you recover from a natural disaster
By Tami Benus|2016-12-16T15:00:46-06:00December 16th, 2016|Blog|