Taxpayers impacted by Hurricane Gustav have extra time to take care of any tax matters. The Internal Revenue Service has extended deadlines for filing returns and submitting payments.
The new deadline is January 5, 2009, for the following tax matters:
Personal tax returns for 2007 that would have been due October 15th, 2008;
Estimated tax payments that would have been due September 15th, 2008;
Corporate tax returns for 2007 that would have been due September 15th, 2008;
Partnership, trust, and payroll returns that would have been due between September 1, 2008, and before January 5, 2009.Taxpayers suffering damage can claim a deduction for casualty losses on either their 2007 or their 2008 tax returns. Claiming the loss on a 2007 return could result in a quicker refund, thereby creating some cash flow to help with recovery efforts.
More information from the IRS:
Tax Relief in Disaster Situations
Casualties, Disasters, and Thefts
The new deadline is January 5, 2009, for the following tax matters:
Personal tax returns for 2007 that would have been due October 15th, 2008;
Estimated tax payments that would have been due September 15th, 2008;
Corporate tax returns for 2007 that would have been due September 15th, 2008;
Partnership, trust, and payroll returns that would have been due between September 1, 2008, and before January 5, 2009.Taxpayers suffering damage can claim a deduction for casualty losses on either their 2007 or their 2008 tax returns. Claiming the loss on a 2007 return could result in a quicker refund, thereby creating some cash flow to help with recovery efforts.
More information from the IRS:
Tax Relief in Disaster Situations
Casualties, Disasters, and Thefts
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1 comment:
Good and helpful tax tip. Great Blog!
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