Texas Extreme Weather Tax Relief
Audio version available here (2 min. 10 sec.)
If you have been affected by recent extreme weather in Texas, you may qualify for significant tax relief. As severe storms, straight-line winds, tornadoes, and floods impact Texas citizens during hurricane season, the IRS continues to update its list of counties covered by relief from tax filing and payment deadlines, and as of July 2nd, 2024, encompasses 69 Texas counties.
The entire list of counties now include: Anderson, Austin, Baylor, Bell, Bosque, Brown, Caldwell, Calhoun, Clay, Cochran, Coke, Coleman, Collin, Concho, Cooke, Coryell, Dallas, Delta, Denton, Eastland, Ellis, Falls, Fannin, Freestone, Grimes, Guadalupe, Hamilton, Hardin, Harris, Hays, Henderson, Hill, Hockley, Houston, Jasper, Jones, Kaufman, Lamar, Lampasas, Lee, Leon, Liberty, Limestone, Lynn, Madison, Milam, Mills, Montague, Montgomery, Navarro, Newton, Panola, Polk, Robertson, Rockwall, Rusk, San Augustine, San Jacinto, San Saba, Shelby, Smith, Sterling, Terrell, Trinity, Tyler, Van Zandt, Walker, Waller, and Washington counties.
What does the tax relief include? Starting April 26th, 2024, taxpayers are exempt from the usual due date for payment and filing of tax deadlines such as estimated taxes and payroll taxes. The new deadline for these tax filings and payments are November 1st, 2024.
Taxpayers within the affected counties automatically have this extension applied; however, if the IRS sends you a letter for missing a deadline within the April 26-November 1st relief period, you can call the IRS to have any penalties abated. If you do not reside within a county covered by the relief, but were still affected by natural disasters, you can call the IRS hotline to potentially qualify for the same relief.
You may also be able to claim disaster-related casualty losses on your tax return if you reside within federally declared disaster areas. For instructions on how this can be done, watch our video on claiming storm losses on your tax return. If you are in need of assistance during this troubling time, XQ CPA is here for you. Reach out to us for further guidance by giving us a call or scheduling an consultation online today.
Phone: 832-295-3353
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