The Inner Income Service (IRS) has introduced tax reduction for people and companies in Mississippi affected by extreme storms, straight-line winds, tornadoes, and flooding beginning April 8, 2024. Taxpayers in affected areas now have till November 1, 2024, to file federal tax returns and make funds.
The IRS affords reduction to areas designated by the Federal Emergency Administration Company (FEMA). This consists of people and companies in Hancock, Hinds, Humphreys, Madison, Neshoba, and Scott counties. Further counties could also be added later. The present record of eligible areas is out there on the IRS web site.
The tax reduction postpones varied deadlines from April 8, 2024, to November 1, 2024. This extension applies to particular person revenue tax returns, contributions to IRAs and well being financial savings accounts, quarterly estimated tax funds, and quarterly payroll and excise tax returns. Penalties for payroll and excise tax deposits due after April 8, 2024, and earlier than April 23, 2024, will probably be waived if deposits have been made by April 23, 2024.
The IRS robotically offers this reduction to taxpayers with an IRS tackle within the catastrophe space. Affected taxpayers with out an IRS tackle within the catastrophe space ought to name the IRS in the event that they obtain a late submitting or cost penalty discover. The IRS may also work with these residing outdoors the catastrophe space however whose data wanted for submitting are within the affected space. These taxpayers ought to contact the IRS at 866-562-5227.
Further tax reduction consists of the choice to assert disaster-related losses on both the return for the 12 months the loss occurred or the earlier 12 months’s return. Affected taxpayers can exclude certified catastrophe reduction funds from gross revenue. Further reduction could also be obtainable for retirement plan members, equivalent to particular catastrophe distributions not topic to the ten% early distribution tax and hardship withdrawals.
The IRS could present additional catastrophe reduction sooner or later. This tax reduction is a part of a federal response to the harm attributable to these storms. For extra data on catastrophe restoration, go to DisasterAssistance.gov.
Eligible people or households can get free assist getting ready their tax returns at Volunteer Earnings Tax Help (VITA) or Tax Counseling for the Aged (TCE) websites. To seek out the closest free tax assist website, use the VITA Locator Device or name 800-906-9887. To seek out an AARP Tax-Aide website, use the AARP Website Locator Device or name 888-227-7669. People or households with an adjusted gross revenue of $79,000 or much less in 2023 can use IRS Free File’s guided tax software program for gratis. MilTax, a Division of Protection program, affords free return preparation software program and digital submitting for federal tax returns and as much as three state revenue tax returns for navy members and a few veterans.
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