In response to Hurricane Beryl’s devastating destruction, the IRS has announced vital assistance efforts to assist impacted Texans and their businesses. SBA Tax Consultants is here to guide you through these changes and make sure you take full advantage of these laws as your go-to advisers.

Comprehending the IRS Relief Measures

The IRS has delayed a number of tax deadlines for those residing in areas designated as federal disasters due to its recognition of Hurricane Beryl’s substantial damage. The deadline for affected taxpayers to file their tax returns and make any payments that were initially due during the disaster period is now February 3, 2025.

For whom are the extended deadlines eligible?

Individuals and companies residing in the disaster regions designated by the Federal Emergency Management Agency (FEMA) are eligible for relief. You are eligible for the extended deadlines if one of these places is where your principal place of residence or business is located. This extension also covers relief workers who are employed by reputable governmental or charitable organizations and are helping in these areas.

Important Deadlines Extended

The following are the main dates that have been postponed:

• Individual Tax Returns the new deadline is February 3, 2025 instead of April 15, 2024.
• All business tax returns that are due between September 2024 and January 2025 are included in this category.
• Payroll and Excise Tax Returns the deadline for filing is moved up to February 3, 2025, from September 20, 2024, to January 20, 2025.

How SBA Tax Consultants Can Help

We at SBA Tax Consultants are aware of how difficult it may be to handle a disaster’s aftermath. We are dedicated to giving you the assistance you require at this trying time. Here’s how we can support you:

• Help with Filing: With our team’s assistance, you can ensure that you meet the new deadlines and take advantage of all possible relief measures by properly preparing and filing your tax returns.
• Payment arrangements: We can work with the IRS to set up payment arrangements that suit your current circumstances if you are experiencing financial difficulty.
• Disaster Loss Deductions: We will assist you in determining whether you can deduct disaster-related expenses from your taxes in order to possibly lower your overall tax obligation.
• Audit Support: We will offer thorough assistance during the audit process if your return is chosen for examination because of claims relating to disasters.
  

Actions to Take Right Now

Here are some quick actions you should take to maximize the IRS relief measures:

• Record Your Losses: Maintain thorough documentation of any Hurricane Beryl-related losses and costs. Having this paperwork will be essential for filing insurance and deduction claims.
• Remain Up to Date: Make sure you stay informed about any new developments or extra assistance measures by keeping up with updates from the IRS and FEMA.
• Get in touch with us: SBA Tax Consultants should be contacted as soon as you can. You can better understand your options and develop a plan that meets your needs by scheduling an early consultation.
  

The IRS’s decision to extend the tax deadline offers much-needed respite to Texas residents impacted by Hurricane Beryl. SBA Tax Consultants is committed to assisting you throughout this challenging period by guiding you through these changes and reducing your financial load. Get in touch with us right now to talk about your circumstances and find out how we can help you get well.