Yeah, we’re still dealing with this Ian guy.
Hurricane Ian was a while ago, but we can’t forget about it quite yet. There’s still lingering effects in 2023 that we need to be aware of.
- People affected by Hurricane Ian were able to get extensions on their 2021 tax returns, with the new due dates in early 2023
- The window to apply for FEMA assistance has closed
- The window to apply for SBA loans to cover physical property damage is closed, but you can apply for economic damage relief until August 21st
- You can claim casualty losses for stuff that wasn’t covered by insurance
Tax due dates
Hurricane Ian was a federally recognized natural disaster and, although the destruction it caused was terrible, its official status allows those affected by the storm to access some crucial relief.
Many tax due dates after the storm were pushed back to February 15th, giving everyone a little extra time to figure things out. Tax deadlines that were pushed to February 15th include the following:
- Tax payments and filings due after September 23rd, 2022
- 2021 tax returns with extended due dates in October of 2022
- Quarterly estimated income tax payments due on January 17th, 2023
- Quarterly payroll and excise tax returns due on both October 31st, 2022 and January 31st, 2023
If you live in the area that the federal government officially recognized as affected by the disaster, you qualify for this extension. But it’s not just residents – if you work or own a business in the disaster area, or if your tax returns require assistance from someone operating within the disaster area, you’re also granted the extension.
In the aftermath of a natural disaster, FEMA offers assistance with rent, temporary lodging, home repairs, and more to people living in the affected area. Unfortunately, the deadline to apply for this particular type of aid was January 12th.
SBA disaster relief
The Small Business Administration also offers relief for residents of federally recognized disaster areas. There are several kinds of loans available:
- Home Disaster Loans: Just like it sounds, these loans are available to residents for repairing physical damage to real estate and personal property, including vehicles.
- Business Physical Disaster Loans: These loans are offered to help with repairing or replacing physical property owned by the business, like equipment, inventory, or real estate.
- Economic Injury Disaster Loans (EIDL): Small businesses, private non-profits, and similar enterprises may have trouble covering their operating costs and other financial obligations as a result of the hurricane,
The deadline for loans covering physical damage is January 20th and the Economic Injury Disaster Loans are available until August 21st. These programs tend to be first-come-first-served and often have long waits, so if you’re interested, apply as soon as you can.
There’s one last way to find relief from the economic impacts of the hurricane: casualty losses.
A casualty loss is damage caused by a sudden, unexpected event (generally a natural disaster) and you’re able to claim those losses as a deduction on your tax returns. This only applies to damage that isn’t covered by insurance, but it’s a good last resort if you need options.
After Hurricane Ian, Florida residents got a little extra time on their taxes. But those extended deadlines are rapidly approaching, and it’s time to start thinking about your taxes.
We’re also past or close to a lot of deadlines to apply for disaster relief, but if you’re a small business owner whose income was affected by the storm, you can still apply for an EIDL from the Small Business Administration.
Need any help claiming hurricane losses on your tax returns? For this and other tax related questions, schedule a call with the experts at DiMercurio Advisors today.