Imagine this: your home’s been battered by a hurricane, your street’s a river of mud after a flood, or wildfires have left nothing but ash where your business once stood. In moments like these, the last thing on your mind is digging through soggy papers—or worse, ashes—to file your taxes on time. Thankfully, the IRS gets it. When natural disasters hit and FEMA steps in to declare a federal disaster area, the IRS often swoops in with a lifeline: extended deadlines to file your taxes and pay what you owe. As of March 25, 2025, this relief is helping folks across the U.S. pick up the pieces without the tax clock ticking over their heads. Here’s how it works, why it matters, and what you need to know about claiming casualty losses to lighten the load.
A Break When You Need It Most
Picture yourself in the chaos of a … Read the rest “When Disaster Strikes: Extra Time to File Taxes and Understanding Casualty Losses”