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IMPORTANT UPDATE AS OF SEPTEMBER 25, 2024: As we previously informed you, the IRS introduced tax relief measures in response to Hurricane Beryl, which impacted many areas in Texas. Now, the IRS has issued new updates to those provisions. Taxpayers with returns and payments initially postponed until November 1, 2024, due to severe storms, straight-line winds, tornadoes, and flooding in Texas, will now have until February 3, 2025, to make any payments. This extension includes all Q2 estimated tax payments originally due June 15, which can now be deferred until the February deadline. Accordingly, we will send your Q2 vouchers in January, along with the Q3 and Q4 vouchers, as detailed below.
Following the tax relief measures put in place after the straight-line winds, tornadoes, and flooding swept across Texas in May, we're now facing another wave of challenges with Hurricane Beryl.
The recent impact of Hurricane Beryl has prompted additional tax relief measures for Texas residents. Here's where things stand as of now, and rest assured, we'll keep you updated with any further changes, especially as we are still in the early season of the storm cycle.
(UPDATED!) Current Relief Measures
Extended Deadlines for Quarterly Tax Payments
- Q2 estimated tax payments due in June, Q3 payments due in September, and Q4 payments due in January are now all extended to February 3, 2025.
These extensions provide much-needed breathing room for those dealing with the aftermath of Hurricane Beryl and other recent storms.
To simplify this process, your Q2, Q3, and Q4 vouchers will be sent to you in January, prior to the February 3 deadline.
If you have already received your Q2 or Q3 payment vouchers from us, you may choose to adhere to the original payment deadlines or utilize the extended deadlines. We recommend considering your cash flow needs when making this decision.
Understanding Casualty Loss Relief
If you experienced significant property damage due to Hurricane Beryl, you might qualify for casualty loss deductions. This can potentially reduce your tax liability if you're uninsured or underinsured. We urge you to reach out to us to determine if you qualify for this relief as we work on your tax return. The IRS allows taxpayers to claim these losses for the year the disaster occurred or retroactively for the previous year.
We Are Here to Make the Complex Simple
Things are always subject to change, especially as more storms could roll through this season. If that happens, know we will closely monitor any new developments and update you accordingly.
If you have any questions or need assistance with your tax situation, please do not hesitate to reach out to us. We're here to help you navigate these challenging times and to make the complex simple.
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