Explore this blog post for detailed information on the new postponed deadline, estimated tax payments, Special IRA and 401K distributions, and other valuable tax insights.<\/p>\n
Hurricane Beryl has caused significant damage in 67 Texas counties. The list includes Harris County and Montgomery County (for more counties click here<\/a>).<\/p>\n In response, the IRS has announced it will postpone various tax filing and payment deadlines that occurred from July 5, 2024, through February 3, 2025.<\/p>\n This means that if you filed an extension for your 2023 individual or business tax return<\/strong>, now you have\u00a0until February 3rd<\/sup>\u00a02025<\/strong>\u00a0instead of September 16th<\/sup>\u00a0or October 15th<\/sup>, 2024 to file your 2023 return.<\/p>\n Keep in mind that\u00a0payments on these returns are not eligible for the extra time<\/em> because they were due last spring before the hurricane occurred. But the\u00a0quarterly estimated income tax payments due on Sept. 16, 2024, and Jan. 15, 2025 do qualify for the February 3rd<\/sup>\u00a02025 deadline<\/strong>.<\/p>\n There is nothing you need to do to get this hurricane relief if your IRS address of record is located in the disaster area.<\/p>\n And if you suffered uninsured or unreimbursed hurricane losses, you can choose to claim them on either the 2024 return or on the 2023 return<\/strong>. You have until Oct. 15, 2025 to make the election. If you have already filed your 2023 tax return, you can file a 2023 amendment to claim the hurricane Beryl losses.<\/p>\n In addition, you can take\u00a0money out from your IRA or 401K without incurring the 10% early penalty<\/strong>\u00a0withdrawal if you are younger than 59 \u00bd. And you can spread the income over three years, instead of reporting the entire distribution on your 2024 tax return.<\/p>\n For more information about this tax relief you can click here<\/a>.<\/p>\n Also, you can check our YouTube channel<\/a> for more subjects that you might find useful. If you are in need of a good CPA firm\u00a0contact<\/a>\u00a0us!<\/p>\n This material is for informational purposes only. It does not constitute tax, legal or accounting advice.<\/p>\n","protected":false},"excerpt":{"rendered":" Explore this blog post for detailed information on the new postponed deadline, estimated tax payments, Special IRA and 401K distributions, and other valuable tax insights. Deadline Postponed Hurricane Beryl has caused significant damage in 67 Texas counties. The list includes Harris County and Montgomery County (for more counties click here). In response, the IRS has […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-1095","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts\/1095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/comments?post=1095"}],"version-history":[{"count":10,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts\/1095\/revisions"}],"predecessor-version":[{"id":1112,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts\/1095\/revisions\/1112"}],"wp:attachment":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/media?parent=1095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/categories?post=1095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/tags?post=1095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Estimated Tax Payments<\/h2>\n
Claiming The Losses<\/h2>\n
No 10% Penalty for Special IRA and 401K Distributions<\/h2>\n
Maximum Distribution Limit<\/h2>\n
\n
\nExamples of an economic loss include, but are not limited to:
\nLoss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause,
\nLoss related to displacement from the individual\u2019s home, or
\nLoss of livelihood due to temporary or permanent layoffs.<\/li>\n<\/ol>\n