Tax Relief for Vermont Flood Victims: Everything You Need to Know
The Internal Revenue Service has announced tax relief for Vermont flood victims. Under the Vermont tax relief program, the IRS has extended the tax filing and payment deadlines for taxpayers directly impacted by the floods.
What The Tax Relief For Vermont Flood Victims Includes
Last week, the IRS announced that Vermont taxpayers affected by the flooding now have until Nov. 15, 2023 to file their 2022 individual and business tax returns and make tax payments that were originally due between July 9 and Nov. 15, 2023.
Although tax day in 2023 is over for most taxpayers, Vermont residents who requested an extension will have more time to file their tax returns. Importantly, the deadline extension doesn’t apply to tax payments that were due earlier for 2022 individual tax returns.
Thus, eligible taxpayers have until Nov. 15 to make quarterly estimated tax payments that are normally due on Sept.15. Additionally, businesses that usually file their tax returns on Sept. 15 now have a new deadline of Nov. 13.
Moreover, the quarterly payroll tax returns usually due July 31 and Oct. 31 now have a deadline of Nov. 15. Additionally, the new deadline for quarterly excise tax returns originally due July 31 and Oct. 31 is also now Nov. 15.
The tax relief for Vermont flood victims also allows taxpayers to claim disaster-related casualty losses on their federal income tax return. Clean-up and emergency expenses paid out of pocket may also be tax deductible.
If a taxpayer in the affected area receives a late filing or late payment penalty notice from the IRS regarding the original or extended filing, payment, or deposit due date, they should call the telephone number on the IRS notice to have it waived.
Who Is Eligible For The Tax Relief For Vermont Flood Victims?
According to the IRS, individuals and households with residences or businesses in any of Vermont’s 14 counties will qualify for the tax relief for Vermont flood victims. All tax relief for Vermont flood victims will be automatically applied to Vermont residents.
“Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by flooding that reside or have a business anywhere in Vermont qualify for tax relief,” the IRS said in a press release.
So far, Vermont has not announced any state-level tax relief stemming from the recent flooding. However, the state legislation permits an automatic extension for individual and business tax returns if the IRS grants an extension.
It is recommended that taxpayers contact the state Department of Taxes to get information on potential tax relief available at the state level, if any. They can also visit the IRS website for more information on the tax relief program for Vermont.
Taxpayers who live or do business outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request tax relief.
This article originally appeared on ValueWalk
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Source: Read Full Article