Devastation From Winter Storms Leads to Tax Relief in Texas
This winter has been a particularly difficult one, especially for the State of Texas. Beginning on February 11, 2021, Texans found themselves in the midst of an intense winter storm, unlike anything seen in the state in decades.
Our hearts are with the people of Texas, as they begin to recover and regain a sense of normalcy following the storm and it’s unexpected circumstances.
The IRS has Offered Tax Relief to Texans
Following the declaration of disaster made by FEMA, the IRS has also set some relief measures for Texans who are dealing with the damage left behind by heavy snow and ice.
Whether you own a small business, operate a nonprofit organization, or are an individual taxpayer, the IRS is making exceptions and extending deadlines to help ease the burden. While taxes are understandably the last thing on your mind, here is a look at the relief that the IRS is offering.
Individuals, businesses, and nonprofit organizations in all 254 counties of Texas are eligible for extended tax deadlines.
Which Deadlines are Affected?
Many tax deadlines beginning on February 11, 2021 will have their deadlines automatically extended to June 15, 2021.
Businesses who are required to file income tax returns on March 15, 2021, will now have until June 15, 2021 to file. Nonprofit organizations, operating on a calendar year, with a deadline on May 17, 2021, will now have until June 15, 2021 as well.
Individual taxpayers and all other business entities with income taxes due on April 15, 2021, will now have until June 15, 2021 to file as well.
Quarterly payroll tax returns will also be extended, instead of being filed by April 30, 2021, they can now be filed later, on June 15, 2021. The deadline to make IRA contributions is also being extended to June 15, 2021.
Additional Relief
Individuals that have experienced damages due to the disaster situation in Texas have the ability to claim this damage as a casualty loss on their individual income tax returns. They have the option to claim this on their income tax return for the current year (2021) or the prior year (2020).
When it’s Time to File, Choose TaxBandits
Our hearts go out to all of those affected by this disastrous event. We wish you and your loved ones safety and health as you begin to rebuild and reassess. When it comes to file, our team is here to help! We offer simplified, electronic tax filing at fair and affordable rates. We can help you catch up on your payroll and employment tax forms, like the Form 941 and many more.
You can get started right now by signing up for a free TaxBandits account.
