As tax season approaches, New Yorkers impacted by natural disasters should be aware that they may be eligible for tax relief. Please review the Q&A below to learn more about this assistance in preparing your taxes and contact your tax advisor to discuss this information.
What type of tax relief might be available for victims of severe weather?
- Filing extensions
- Disaster-related casualty loss claims
- Waiver of fees and expedited requests of previous tax returns
Is tax relief available for business impacted by the flood?
Business owners may elect to deduct qualified expenses. See the IRS website Publication 2194B: Disaster Losses Kit for Businesses for more information.
Where should you go for more information about tax relief for individuals?
The IRS website has tax information for New Yorkers impacted by Hurricane Irene and Tropical Storm Lee. You might also look for Publication 2194: Disaster Losses Kit for Individuals. Look at pages 23-45 for a helpful list of losses that qualify. The IRS FAQs for disaster victims outlines information for casualty losses, expensing of qualified disaster expenses, and other filing requirements. The IRS toll-free disaster hotline can be reached at 1-866-562-5227.
How does an Individual Assistance grant from FEMA affect my taxes?
According to the IRS, individuals may deduct only those personal property losses that have not been covered by insurance or other reimbursements (such as Individual Assistance grants). For details, see IRS Form 4684.
More information on filing your taxes is located in the Federal Tax Assistance section of my website.