Tax Planning Tax Relief for Mississippi and Texas Storm Victims Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published May 13, 2016 - [Updated Oct 15, 2024] 1 min read Following the multiple disasters in Mississippi over the last year, and recent floods in the Houston, Texas, the Federal Management Agency (FEMA) has declared these disaster areas. As a result, IRS is providing tax relief to victims in these areas, including: More Time to File. The immediate effect of the tax relief is the postponement of some tax deadlines. In Houston, tax due dates have been pushed to September 1, 2016, and in Mississippi the new tax deadline will depend on when you’re specific county was effected by the storm. If you are a Mississippi resident, live in an area effected by the storms, you may have a May 16 deadline, which is coming up and others have a July 15 tax deadline. Claiming Casualty Losses. If you suffered serious property damage due to the storms, the IRS allows taxpayers to deduct casualty losses if you haven’t been reimbursed by your insurance company. TurboTax will ask you simple questions and help you figure out your casualty losses. No Penalties. In addition to giving the victims more time, the IRS frequently waives the failure-to-deposit penalties for employment and excise tax deposits due. If you’re in the covered disaster area, the IRS will automatically identify you when you do file so you don’t have to do anything additional. Just get your return(s) to the IRS by the new, later deadlines. If you are in the FEMA disaster area, but happen to get a late filing or late payment penalty notice from the IRS, call the telephone number on the notice to have the IRS abate the penalty. Previous Post Six Ways to Reduce Your Taxable Income Next Post 8 Things to Know About IRS Installment Payment Plans Written by TurboTaxBlogTeam More from TurboTaxBlogTeam Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?