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Schwartz Financial Associates, Inc

 

701 Route 73 North, Suite 6, Marlton, NJ 08053

Phone: (856) 216-0390

 

Website: www.schwartz-financial.com

January/February 2022

Filing Taxes in a Disaster Area

Filing Taxes in a Disaster Area

Although taxes may be the last thing on your mind after a disaster, filing a tax return may help you recoup some of your losses. But reconstructing documents can be challenging.

You’ll need the lost records for federal assistance, reimbursement from your insurance company and reporting losses on your return. Financial institutions, title companies, insurance providers, contractors, city/town tax offices and the IRS can help you replace records that are missing.


The IRS often allows penalty-free extended filing deadlines and payments for affected residents and business owners following a federally declared disaster, and states typically follow suit. This relief also usually applies to those whose tax records were in the damaged region and workers from other areas who provide help to victims.


There are many things to consider when you are put in this situation. Tax options, loss limits and paperwork requirements can be confusing. It is important to consult your tax advisor who can help you navigate toward the best outcomes for your personal circumstances. Also, you can stay informed of filing deadlines by visiting the Tax Relief in Disaster Situations page at IRS.gov.


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