Articles

When It Rains, It Doesn’t Always Pour:

In Accounting & Finances, Business, Family, Taxes on April 4, 2014 by Sufen Wang

Colorado Disaster Victims Get an Extension from the IRS

 

flood2When someone’s home gets flooded or buried under a mudslide, it’s hard to grasp the immensity of such a loss. Everything from prized possessions down to everyday necessities get swept away, making daily living near impossible. Fortunately, the IRS is giving the September 2013 Colorado Flood victims some leeway when it comes to taxes. The agency has extended the date for victims to decide when to claim their disaster losses.

 

FLO4Instead of scrambling to pick by April 15, eligible individuals and businesses now have until Oct. 15 to choose whether to claim their disaster losses on the 2012 or 2013 returns. And the year does make a big difference. Depending on income, claiming losses on the former could mean greater tax savings. These extra six months should let the victims make their calculations for the best with less stress.

 

beat-the-clock-414x270And if October comes too soon, luckily eligible taxpayers aren’t out of luck – they’ll still be able to claim their losses on an original or amended 2013 return. By eligible folks the IRS means taxpayers who suffered uninsured or unreimbursed losses due to the major flooding event in the 20 federally-designated disaster area Colorado counties from Sept. 11 to Sept. 30, 2013. The endless aftermath of a disaster is the hardest part, so it’s good to know the Colorado flood victims haven’t been forgotten these many months later.

 

Sufen Wang, M.S.Accountancy
www.sufenwang.com
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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