If you live in Ohio and have been affected by the tornadoes that began on March 14, 2024, you might be eligible for some important tax relief measures. The Internal Revenue Service (IRS) has announced extensions on several tax deadlines to help both individuals and businesses recover from the aftermath.
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Extended Deadlines
The IRS has extended the deadline for filing your 2023 tax return to September 3, 2024. This applies to both individual and business tax returns. Alongside filing, any tax payments that were originally due have also been postponed to this new date.
Specific Deadlines Affected
For individual taxpayers, the new deadline of September 3, 2024, replaces the original April 15, 2024, deadline. This extension gives more time to manage taxes during recovery.
IRA and HSA Contributions
Contributions to Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) for the year 2023 also follow the new September deadline. This allows affected taxpayers to make contributions beyond the typical cutoff.
Quarterly Tax Payments
Quarterly estimated income tax payments, quarterly payroll, and excise tax returns are also included in the deadline extension. For example:
- Quarterly payroll and excise tax returns: Normally due on April 30 and July 31, these now have the extended deadline.
- Calendar-year partnerships and S corporations: Typically due on March 15, 2024, are also extended.
Eligible Areas
To qualify for this tax relief, you need to reside in one of the designated counties recognized by the Federal Emergency Management Agency (FEMA). The counties included are:
- Auglaize
- Crawford
- Darke
- Delaware
- Hancock
- Licking
- Logan
- Mercer
- Miami
- Richland
- Union
How to Learn More
For a complete list of affected deadlines and further details on the tax relief measures, you can visit the IRS website at IRS Tax Relief for Ohio Tornadoes.
If you’ve been impacted by the tornadoes in Ohio, make sure to take advantage of the extended tax deadlines provided by the IRS. This relief offers much-needed time to focus on recovery without the immediate pressure of tax deadlines. Ensure you check your eligibility and take the necessary steps to utilize these extensions.
FAQs
Who is eligible for the extended tax deadlines?
Individuals and businesses in the FEMA-designated counties affected by the tornadoes.
What is the new deadline for filing tax returns?
The new deadline is September 3, 2024, for both individual and business tax returns.
Are IRA and HSA contributions extended?
Yes, contributions to IRAs and HSAs for 2023 are extended to September 3, 2024.
Which counties in Ohio qualify for this relief?
Eligible counties include Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, and Union.
Where can I find more information about these extensions?
More information is available on the IRS website at IRS Tax Relief for Ohio Tornadoes.