Midwesterners who are coping with flooded homes and businesses have one less thing to worry about right now.
Self-employed individuals, retirees, businesses and others in the affected areas who make quarterly estimated tax payments will have more time to file various returns and pay any taxes due. Due dates vary, depending upon location.
Earlier this spring, the IRS granted similar relief to storm victims in parts of Arkansas, Colorado, Georgia, Maine, Mississippi, Missouri and Oklahoma. Links to additional tax information on these storm damaged states can be found here.
Flood and other disaster victims also should remember that if they suffer uninsured or unreimbursed property damage, they can choose to claim the losses on their 2007 tax returns. Details can be found at the IRS' Tax Relief in Disaster Situations Web page, as well as in this story and this previous post.