[ad_1]
Victims of the winter storms that came about in New York between December 23 and December 28, 2022, have left components of New York in a state of catastrophe. If these winter storms impacted you, we wish you to know TurboTax is right here for you, and we need to preserve you updated with vital tax aid info that will aid you on this time of want.
The Federal Emergency Administration Company (FEMA) declared the latest occasions as a catastrophe, and the IRS introduced that victims of the tough winter storms that occurred in New York now have till Could 15, 2023 to file numerous particular person and enterprise tax returns and make sure tax funds.
What are the prolonged tax and fee deadlines in New York?
The tax aid postpones numerous tax submitting and fee deadlines that occurred between December 23 and December 28, 2022. Because of this, affected people and companies in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties can have till Could 15, 2023, to file returns and pay any taxes that have been initially due throughout this era.These embody:
- 2022 Particular person and Enterprise Returns: 2022 particular person tax returns and funds that have been due on April 18, 2023 in addition to numerous 2022 enterprise returns together with funds usually due on March 15 and April 18 have an prolonged deadline till Could 15, 2023.
- 2022 IRA Contributions: Affected taxpayers can have till Could 15, 2023 to make 2022 IRA contributions to make an influence on their 2022 taxes.
- Quarterly Estimated Tax Cost: 2022 quarterly estimated tax funds usually due Jan. 17, 2023 and April 18, 2022 have been prolonged till Could 15, 2023.Which means that particular person taxpayers can skip making the fourth quarter estimated tax fee, usually due Jan. 17, 2023, and as an alternative embody it with the 2022 return they file on or earlier than Could 15, 2023.
- Quarterly Payroll and Excise Tax Returns: Quarterly payroll and excise tax returns which might be usually due on Jan. 31 and April 30, 2023, are additionally prolonged till Could 15, 2023. As well as, penalties on payroll and excise tax deposits due on or after December 23, 2022 and earlier than Jan 9, 2023 will probably be abated so long as the deposits have been made by January 9, 2023.
What do I must do to say the tax extension?
The IRS robotically supplies submitting and penalty aid to any taxpayer with an IRS deal with of document positioned within the catastrophe space. Taxpayers don’t must contact the IRS to get this aid. Nonetheless, if an affected taxpayer receives a late submitting or late fee penalty discover from the IRS that has an unique or prolonged submitting, fee or deposit due date falling inside the postponement interval, the taxpayer ought to name the quantity on the discover to have the penalty abated.
The present listing of eligible localities is all the time out there on the catastrophe aid web page on IRS.gov.
Do surrounding areas outdoors of New York qualify for an extension?
The IRS will work with any taxpayer who lives outdoors the catastrophe space however whose information needed to satisfy a deadline occurring through the postponement interval are positioned within the affected space. Taxpayers qualifying for aid who stay outdoors the catastrophe space must contact the IRS at 866-562-5227. This additionally consists of employees, helping the aid actions, who’re affiliated with a acknowledged authorities or philanthropic group.
How can I declare a casualty and property loss on my taxes if impacted?
People or companies who suffered uninsured or unreimbursed disaster-related casualty losses can select to say them on both the tax return for the 12 months the loss occurred (2023 return usually filed subsequent 12 months on this occasion) or the loss will be deducted on the tax return for the prior 12 months (2022, usually filed this tax season). People may additionally deduct private property losses that aren’t coated by insurance coverage or different reimbursements.
You’ll want to write the next FEMA declaration quantity on any return claiming a loss:
The tax aid is a part of a coordinated federal response to the injury brought on by the tough storms and relies on native injury assessments by FEMA. For info on catastrophe restoration, go to disasterassistance.gov.
In case you are not a sufferer, however you’re seeking to assist these in want, it is a nice alternative to donate or volunteer your time to authentic 501(c)(3) not-for-profit charities who’re offering aid efforts for storm victims.
Browse Associated Articles
[ad_2]