My headline is not news to long-time readers of the ol' blog.
Y'all all know all too well that I'm a Weather Channel groupie and a life-long obsessive personality when it comes to destructive storms. So I blog frequently about the special tax treatment that's usually available to folks who endure a natural disaster.
The most recent such circumstance was in North Carolina, which was struck by severe storms, flooding and straight-line winds in late September. Soon after the weather wreaked havoc there, the IRS granted tax relief to affected residents and businesses, giving them more time to meet impending filing deadlines.
Specifically, Tar Heel State taxpayers have until Nov. 26 to file forms and, in some cases, make payments that were due earlier. This includes the Oct. 15 deadline for individuals who received an extension to file their 2009 tax returns.
Nonprofits facing deadline given more time, too: And now, the IRS also is extending the storm-related deadline for some of North Carolina's small tax-exempt organizations.
Because of the bad weather, many of the state's nonprofits eligible to participate in the IRS' one-time amnesty allowing filing of 2007, 2008 and 2009 returns might have missed the Oct. 15 deadline. If they did, they face the possibility of losing their tax-exempt status.
Now, however, these nonprofits also have until Nov. 26 to get those previously unfiled documents into the IRS so they can maintain their tax-exempt status.
Not just major disasters: As I point out in my latest Weekly Tax Tip -- there in the upper right corner of the ol' blog or on the consolidated on the special Weekly Tax Tips page -- disasters come year-round and in all forms.
Most of the attention, thanks to me and my fellow storm freaks, comes when Mother Nature gets nasty. And the tax code does offer even more special tax treatment in the case of major, presidentially-declared disasters.
But even when you encounter more run-of-the-mill catastrophes -- such as fires, thefts and burglaries, vandalism, auto accidents or, as some folks have discovered, defective drywall -- you might be able to get some additional help from the IRS when you file your tax return.
Yes, it requires added forms and extra work. But getting back some money (or reducing a tax bill) after you've endured any type of disaster is usually worth the effort.
- Tax relief for disaster victims
- Possible deduction for Chinese drywall
- Insurance tips for storm victims
- Financial and tax tips for storm season
- Time to prepare for Mother Nature's less maternal side
- Time to make disaster preparations
- Hurricane season financial preparations
- Hurricane tax reminders
- Stormy weather
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