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What Entrepreneurs Must Know About 2023-2024 IRS Disaster Relief
Hello again, forward-thinking entrepreneurs! 🚀
And welcome to The Tax Insider, a new section of our newsletter where we’ll break down the latest IRS changes and new tax laws—quickly, clearly, and with actionable steps. As a busy entrepreneur or professional, you need timely information you can act on without sifting through pages of confusing regulations. Our goal? To be an essential resource you simply can’t afford to miss.
IRS Disaster Relief Deadlines for 2023 and 2024: What You Need to Know
January 3, 2025 — IRS Update
If your business or personal life has been touched by natural disasters in 2024, you may have extra time to file your 2023 (and in some cases 2024) tax returns. The IRS has extended deadlines for taxpayers in affected states, U.S. territories, and even certain overseas locations. Below is a quick breakdown to help you figure out which new deadlines might apply to you and your business.
Who Gets Until February 3, 2025?
Entire States/Territories
Louisiana, Vermont, Puerto Rico, Virgin Islands
Parts of
Arizona, Connecticut, Illinois, Kentucky, Minnesota, Missouri, Montana, New York, Pennsylvania, South Dakota, Texas, Washington
If you operate or live in these areas and need an extension for your 2023 tax return, mark February 3, 2025, as your new filing deadline.
Who Gets Until May 1, 2025?
Entire States
Alabama, Florida, Georgia, North Carolina, South Carolina
Parts of
Alaska, New Mexico, Tennessee, Virginia, West Virginia
If you’re in one of these locations, you have until May 1, 2025, to file your 2023 return. The IRS also extended the deadline for your 2024 returns and any tax payments due on those returns to the same date: May 1, 2025.
Important Note: Any payments for your 2023 taxes that were originally due in 2024 (before the disasters occurred) do not get extra time. The extension only applies to the filing (paperwork) itself, not to payments owed for the 2023 tax year.
Special Relief for Attacks in Israel
Taxpayers who live or run a business in Israel, Gaza, or the West Bank (and certain other affected individuals) now have until September 30, 2025, to file and pay taxes. This includes all 2023 and 2024 tax returns.
How to Confirm You Qualify
If your address on file with the IRS is in one of these disaster areas, you automatically receive the extended deadline. No extra steps are needed. The IRS keeps an updated list of eligible localities on its Disaster Relief page.
If you’re outside the designated areas but still can’t meet a deadline because your necessary tax records are inside the affected region, call the IRS at 866-562-5227 to request relief. This also extends to workers assisting in recovery efforts who are affiliated with recognized government or philanthropic organizations.
Action Steps for Entrepreneurs
Check Your State or Territory
Verify whether you’re in an eligible area. If so, add these new deadlines to your calendar and prepare accordingly.Plan Around Payment Deadlines
Remember, only certain filing deadlines are extended. If you owe taxes for 2023, those payments are not postponed. Make a plan if you haven’t already paid.Organize Your Records
Gather receipts, expenses, and other documentation to ensure you maximize legal deductions and credits. With extra time, you can be strategic.Consult a Professional
For personalized guidance, talk to a tax pro. They can help verify your eligibility for extensions and pinpoint the best strategies to reduce your tax liability.
Bottom Line
If you’ve been impacted by recent natural disasters or events in Israel, these extended deadlines could provide some much-needed breathing room. Use the time to optimize your financial strategy, stay compliant, and minimize your tax bill. Look to The Tax Insider in for clear breakdowns of every critical update so you can remain focused on growing your business and achieving financial freedom.
Stay tuned for more expert tips and quick-hit updates in what.tax - the place where smart entrepreneurs come to keep more of what they earn and stay ahead of the IRS curve.
Southeastern states getting that extra 3-month cushion speaks volumes about the sustained impact of recent disasters there. Smart move including the records-trapped-in-disaster-zone provision too, though I've seen how deadline extensions can sometimes backfire when businesses put off planning too long. Solid breakdown, Max.