Natural disaster tax breaks

Tax help for disaster victims

JACKSON, Mo. (KFVS) - If you’ve dealt with severe weather, flooding, or any natural disaster, experts said there are tax benefits that you may not even know about.

David Peters is happy to hear there’s an option to get a relief provision on his taxes. This is a tax form available for any victims of severe storms, tornadoes, flooding, and even fires.

"I absolutely did not know that and that made my day," he said.

Peter said his home had damage after severe weather back in 2019.

"The front of my house the roof had been completely torn off and peeled back and thrown into the back yard," Peters said.

The damages weren’t cheap. “it ripped it up enough it needs to be replaced it was about a 4,000-dollar roof replace,” said Peters.

Jackson Hewitt regional manager, Barbara Holland said, “I don’t think a lot of people realize what it can do for them.”

If you file form 4684 on your taxes there are some major benefits for you.

"With a casualty lost they can automatically increase their standard deduction which lowers their tax liability and, in most cases, really increases the refund, " said Holland.

She gives an example, “if you had a 50,000-dollar loss you know than 5,000 dollars, you can get as a causality lost on your tax return."

Holland said you will also qualify for an extended date to file your taxes.

"People that owe taxes penalties and interest will still start on April 15th but anybody in the disaster areas those will be abated and they have until October 15," Holland said.

Peter said after hearing the news he can't wait to learn more about it.

“I will be checking with my accountant to see if we can actually file for that because that will help out a lot," he said.

For more information: https://www.jacksonhewitt.com/tax-help/jh-tax-talk/tax-tips-for-natural-disaster-victims/ or you can reach out to Regional Manager Barbara Holland at 618-658-9299

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