Victims of the Texas winter storms will have until June 15 to file and pay taxes
- The IRS announced on Monday that the tax deadline for Texans is postponed to June 15.
- Winter storms across the state began February 11 and knocked out power for millions of Texans.
- If your official residential or business address is in Texas, you automatically qualify for the extension.
- Visit Personal Finance Insider for more stories.
Recent winter storms in Texas have prompted the IRS to delay the federal tax deadline for individuals and businesses who live and operate there.
Federal tax returns and payments with a due date between February 11 and June 15 are now due on June 15 for Texas residents (Texas has no state income tax).
You don’t have to do anything to get this relief. The IRS will automatically extend your deadline if your address on file, either a residential address or business address, is located in the state of Texas. All 254 counties qualify for relief, according to the IRS.
The June 15 deadline extension applies to all 2020 tax return and payment due dates, as well as payments for estimated quarterly taxes normally due on April 15, quarterly payroll and excise tax returns normally due on April 30, and 2020 returns for tax-exempt organizations operating on a calendar-year basis normally due on May 17.
Relief may also apply to taxpayers who are not located in the disaster area, but rely on a tax preparer who has been affected by the winter weather and cannot file their return or make a payment on time. To see if you qualify, call the Disaster Assistance Hotline at 1-866-562-5227 and provide the FEMA disaster number of the county where your preparer is located (you can find that here).
On February 20, President Biden declared a major disaster in Texas, initiating federal funding to much of the state. The relief includes grants for temporary housing, funds for home repairs, and “low-cost loans to cover uninsured property losses” amid other programs to assist Texans impacted by the storms, Insider’s Connor Perrett reported.
According to the Federal Emergency Management Agency (FEMA), Texas residents can begin to apply for assistance online or by calling a hotline for assistance.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
Source: Read Full Article