IRS Announcement – Postponed Deadline Ending Soon, Check If You Qualify:
It can be difficult to remember tax deadlines, particularly when there have been natural calamities like the wildfires that devastated Hawaii in 2023. Offering a lifeline to people coping with the aftermath, the Internal Revenue Service (IRS) has announced extended tax relief for individuals and companies affected by these events. Below is a summary of the most important information and sources.
Extended Deadlines
The IRS has delayed certain tax deadlines for businesses and persons in Hawaii affected by the disasters on August 8, 2023. August 7, 2024 is the new date for submitting tax returns and paying taxes. The 2023 returns, payments, and other tax-related deadlines are covered by this extension.
To prevent interest or penalties, it is imperative that you follow these deadlines. Make sure to mark your calendar and make appropriate plans because failing to meet the extended deadline may have unintended financial repercussions.
Who Is Eligible?
The extended deadlines are only available to taxpayers who reside in disaster-affected areas. Usually, people and businesses that have been directly impacted by the wildfires are included in this category. According to IRS guidelines, requests for extensions must be made exclusively on paper. This indicates that electronic submissions are not allowed, therefore to avoid any problems, make sure you send your request by letter.
Fulfilling Deadlines
It is imperative that you file your tax return and pay any outstanding taxes by the new date of August 7, 2024, even with the extension. Penalties for late payments may increase your financial burden. As a result, it’s best to utilize the extra time to organize your funds rather than putting it off.
IRS Assistance Programs
In difficult circumstances, the IRS provides individuals with a number of initiatives to assist them in preparing their tax returns. The Volunteer Income Tax Assistance (VITA) program is among the most prominent. People who typically make $60,000 or less, individuals with disabilities, and limited English speaking taxpayers who require assistance with tax preparation can all qualify for free tax aid through VITA.
Furthermore, seniors can get free financial assistance through the financial Counseling for the Elderly (TCE) program, which focuses on pensions and other retirement-related issues. If you need help and direction filing your taxes, these two programs are great tools.
Options for Free Filing
The IRS Free File program provides guided tax software for individuals and families who satisfy specific income requirements, both in Hawaii and throughout the United States. The income requirement for free filing in 2023 was $79,000 or less in Adjusted Gross Income (AGI). For those that qualify, this option can be very beneficial as it offers a simple and affordable method of doing taxes.
For further assistance, anybody can receive free tax preparation assistance through the AARP Foundation’s Tax-Aide program; however, taxpayers 50 years of age or older and those with low to moderate income are given priority. Visit their website to locate an AARP Tax-Aide center near you.
In conclusion, the IRS’s decision to extend the tax deadline for victims of the Hawaii wildfires offers much-needed respite. To prevent fines, it’s imperative to keep track of the updated deadlines and make use of the resources offered. These resources can assist in streamlining and reducing the burden of the tax filing process, regardless of your eligibility for VITA, TCE, or IRS Free File. Recall that August 7, 2024, is the new date for filing and payment; don’t forget it!
FAQs
Who is eligible for an extension of the IRS deadline?
taxpayers in the disaster region impacted by the wildfires in Hawaii.
When is Hawaii wildfire victims’ new tax deadline?
7 August 2024.
VITA: What is it?
One free tax assistance program is Volunteer Income Tax Assistance.
What is the IRS Free File income threshold?
2023 Adjusted Gross Income of no more than $79,000.
What is the location of an AARP Tax-Aide center?
Check out the locations on the AARP website.