Understanding Disaster Tax Extension and How G&S Can Help You Claim Losses

Natural disasters can cause immense hardship—both personally and financially. If you’ve been affected by the recent wildfires or straight-line winds in Los Angeles County, you may qualify for a valuable Disaster Tax Extension and critical tax relief from the IRS. At G&S Accountancy, we’re dedicated to helping individuals and businesses understand these extensions, claim eligible losses, and optimize every available benefit.

What Is the Disaster Tax Extension?

The Disaster Tax Extension provides extended deadlines for various federal tax returns, payments, and contributions. This relief helps taxpayers recover from disaster-related setbacks by offering more time to file and pay federal taxes without incurring penalties.

Who Qualifies for the Disaster Tax Extension?

If you live, work, or own a business in Los Angeles County and were affected by the recent wildfires or straight-line winds, you likely qualify for this relief. Keep reading to learn exactly which taxes are covered under these extended deadlines.

Extended Deadlines for Different Tax Filings

Below is an overview of the taxes and deadlines included in the Disaster Tax Extension:

1. Federal Individual Income Tax Returns
   • New Deadline: October 15, 2025
   • Original Deadline: April 15, 2025
2. Quarterly Estimated Tax Payments
   • New Deadline for All 2025 Payments: October 15, 2025
   • Covers all payments originally due January 15, April 15, June 15, and September 15, 2025
3. Business Tax Returns
   • New Deadlines:
     • Partnership and S corporation returns (originally due March 15, 2025)
     • Corporate and fiduciary returns (originally due April 15, 2025)
   • All now fall under the extended filing timeframe
4. Payroll and Excise Tax Deposits
   • Penalty Waiver Period: Deposits due on or after January 7, 2025, and before January 22, 2025
   • Requirement: Make deposits by January 22, 2025, to avoid penalties
5. Tax-Exempt Organization Returns
   • New Deadline: October 15, 2025 (for returns originally due May 15, 2025)
6. IRA and HSA Contributions
   • You can now make IRA and HSA contributions for the 2024 tax year by the new October 15, 2025 deadline

How to Claim Disaster-Related Losses

In addition to extended deadlines, the IRS allows you to claim certain losses related to these natural disasters. Here’s how G&S Accountancy can simplify the process:

1. Identify Qualified Losses
   • We review your property and business damages to determine which losses meet IRS criteria, including uninsured or unreimbursed losses.
2. File Promptly for Faster Refunds
   • By claiming these losses on your 2024 return, you can potentially expedite refunds. Our experienced team will handle all required documentation and filings accurately.
3. Maximize Your Deduction
   • Disaster-related deductions can be complex. We utilize every relevant rule and regulation to ensure you’re receiving the highest allowable deduction.
4. Navigate Complex IRS Regulations
   • The IRS requires specific forms and the applicable FEMA declaration number (4856-DR) when filing for disaster relief. Our experts guide you through this step-by-step, minimizing headaches and delays.

Why Partner with G&S Accountancy for the Disaster Tax Extension?

At G&S Accountancy, we offer a full range of services to help you manage the implications of the Disaster Tax Extension:

• Expert Tax Guidance: Our team stays up-to-date on the latest relief measures, ensuring you never miss a crucial filing date or deduction.
• Personalized Support: Every client receives tailored strategies specific to their financial situation.
• Comprehensive Service: We handle everything—from identifying qualified losses to filing your tax returns—so you can focus on recovering and rebuilding.

Act Now to Secure Your Disaster Tax Extension Benefits

Dealing with the aftermath of a disaster is challenging enough. Let G&S Accountancy manage your Disaster Tax Extension filings and help you optimize your available benefits.

• Protect Your Finances: Avoid penalties with correctly filed extensions.
• Maximize Your Deductions: Claim every qualifying loss to offset disaster-related expenses.
• Enjoy Peace of Mind: Our dedicated professionals handle complex tax procedures on your behalf.

Contact G&S Accountancy Today

Don’t face these tax complexities alone. Reach out to G&S Accountancy now to schedule a consultation and learn how you can leverage the Disaster Tax Extension for significant financial relief.

Take control of your financial future. Our team is ready to guide you through every step of this critical tax relief process.