Hurricane Helene Relief for those who are affected

I know that during a catastrophe, taxes are probably

the last thing on anyone's mind. However, they are inevitable and must

eventually be dealt with. So, I wanted to share some information that

may be helpful to those affected by Hurricane Helene who have

experienced property loss.

Key Points:

• Extended Tax Deadlines:

 The IRS has extended various tax deadlines for individuals in certain

localities. The link below provides details on the extended due dates

for the affected areas.

https://www.irs.gov/newsroom/irs-provides-relief-for-helene-various-deadlines-postponed-to-may-1-2025-part-or-all-of-7-states-qualify

• Property Loss Deductions:

 You may be able to deduct personal property losses within the federally

 declared disaster areas, even if you take the standard deduction. You

can choose to deduct the loss on your 2023 or 2024 tax return. The IRS

link below provides more information.

https://www.irs.gov/taxtopics/tc515

I hope this information is helpful. Please don't hesitate to reach out if

 you have any questions. My thoughts and prayers are with everyone

affected by the hurricane.

Marcus@TNYTax.com