An IMPORTANT update from FHTS – Sept 2017

We hope you and your family are safe after the impact of Hurricane Irma.  FHTS wants to keep you updated on tax issues that Hurricane Irma has presented.

Florida has been federally declared a disaster area, what does that mean to your taxes?IRSHurricaneIrma

  • You can elect to deduct the loss on your return for tax year 2017
  • You can elect to amend the 2016 return and deduct the loss for the immediately preceding tax year. The benefit of claiming the disaster loss on the prior return is the opportunity for a refund. Please see the full document from the IRS here for more information on these deductions. https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
  • The IRS grants extensions for victims of the storm until January 31st, 2018.  Extension does not apply to the payment of taxes which were originally due.

Please see the full IRS announcement for more details, and feel free to contact us directly to go over how this extension may affect your return.

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