Dear reader, you may have heard about the sudden tornado outbreak this past December 10 & 11 in Kentucky, Tennessee & Illinois.
If you have friends & family living in the affected areas, this information concerns them! Sharing is caring!
Where does Disaster relief apply?
The IRS deadline extension and disaster relief apply to the inhabitants of the following counties:
- Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Montgomery, Morgan, Moutrie, Pike, Shelby.
- Breckenridge, Bullitt, Caldwell, Fulton, Graves, Grayson, Hickman, Hopkins, Lyon, Meade, Muhlenberg, Ohio, Shelby, Spencer, Warren.
- Cheatham, Decatur, Dickson, Dyer, Gibson, Lake, Obion, Stewart, Weakly.
Extended Tax deadlines
The tax relief postpones some tax filing and payment deadlines that start on December 10.
Individuals and Businesses will have until May 16 to file the returns and pay any taxes due during this period. Including:
- Individual income tax returns due on April 18
- Business income tax returns normally due on March 15 & April 18
- Farmers that forgo making their estimated tax payments and file by March 1
- Estimated income tax payments due on January 18 & April 18
- Quarterly payroll and excise tax returns due on January 31 & May 2, 2022.
- If you live outside the area, but your tax payment records are located on it, you can call the IRS at 866-562-5227 to notify the service. Extended deadlines apply for most of the cases.
To know more details about this, you can visit the IRS Disaster relief page.
Other relief actions
- Penalties on Payroll & Excise tax deposits due on or between December 10 & December 27 will be abated as long as the deposits are made by December 27, 2021.
- If you suffered uninsured or unreimbursed disaster-related losses, you can choose to claim them on either the return for the year in which the loss occurred (2021) or the prior year (2020).
Prepare yourself for Nature’s unpredictable temper!
Remember that it is important to be prepared for Nature’s temper effect on your finances. Thanks to technology, it is also easier than ever!
- Digitize all of your personal & business documents & securely store your files in the cloud
- Keep a digital & up-to-date record of all of your income, expenses & potential deductions.
Having an online Accounting & Tax filing service is a great way to address the risk posed by Nature.
At IOOGO, we give our best every day to have all of your transactions & financial information up-to-date & answer your Tax-related questions, while saving you a ton of time & effort! To know more about how we do it, you can visit us at ioogo.com/ or schedule a Free Consultation by clicking the button below!