How Hurricane Michael arrival might affect your taxes

Personal Finance


Luke Sharrett | Bloomberg | Getty Images

A customer enters a boarded up gas station ahead of Hurricane Michael in Panama City Beach, Florida, U.S., on Tuesday, Oct. 9, 2018. Michael, a Category 2 hurricane, is racing toward the Florida panhandle and is forecast to become the second storm to make U.S. landfall in a month. 

In the event of a federal disaster, the IRS may grant affected filers more time to submit the necessary documents.

Filers who were supposed to turn in their 2017 income tax returns by Oct. 15 may get more time, depending on how FEMA proceeds, Smith said.

These taxpayers’ 2017 levies were originally due on April 18 — even if they had received an extension to submit their returns — and any payments that haven’t been made yet are accruing interest.

In September, the IRS granted relief to taxpayers affected by Hurricane Florence.

Residents with quarterly income tax payments due on Sept. 17 and Jan. 15, 2019, among others, have until Jan. 31, 2019 to file the applicable returns and pay taxes that were originally due during that period.

In this case, filers with the Oct. 15 extension were also given more time.

There are other tax planning implications to keep in mind, too.



Source link

Products You May Like

Articles You May Like

XPO Logistics tanks after earnings miss, 2019 warning
Consumer sentiment hits 95.5 in February, vs. expectations for 93
7 out of 10 people think they’ll be better off financially next year
Goldman CEO prepares for ‘edgy’ talk ahead of 2020 election
Small banks you’ve never heard of quietly power the booming fintech industry

Leave a Reply

Your email address will not be published. Required fields are marked *