Learn more about additional tax breaks in our latest blog, found here.
The Internal Revenue Service (IRS) has announced special tax relief for Florida residents and businesses affected by Hurricane Milton. To ease the financial burden on those impacted, the IRS has extended various tax deadlines, giving taxpayers additional time to file returns and make necessary payments.
Who Qualifies for the Extension?
This tax relief is available to individuals and businesses located in federally designated disaster areas. Currently, this includes Miami-Dade, Broward, Palm Beach, Hillsborough, and Orange counties, among others. Taxpayers in these affected regions do not need to take any action to receive this relief as the extension is automatically applied based on their location.
Extended Tax Deadlines
The new deadline for filing and making certain tax payments is May 1, 2025. This extension applies to a range of tax obligations, including:
• 2024 tax returns originally due in March or April 2025.
• 2023 tax returns that were on extension, though payments originally due in 2024 are not included in this relief.
• Estimated tax payments that were originally due on January 15 and April 15, 2025.
• Quarterly payroll and excise tax returns with original due dates of October 31, 2024, January 31, 2025, and April 30, 2025.
• Certain payroll and excise tax penalties will be waived if deposits are made by October 21, 2024.
What This Means for Affected Taxpayers
If you reside or operate a business in one of the designated disaster areas, you do not need to submit any additional forms or requests to benefit from this extension. The IRS will automatically apply the new deadlines to qualifying taxpayers. This relief aims to provide affected individuals and businesses the necessary time to recover from the hurricane without added financial stress.
Next Steps & How to Get Assistance
Taxpayers should continue to monitor IRS updates, as additional counties may be included in the relief effort. For the most current information and a complete list of affected counties, visit the IRS website.
If you have questions about how this extension affects your specific tax situation, our experienced team is here to help. Contact us today for personalized guidance and support.
