Huntington Town Councilman Mark Mayoka will be at the Huntington Senior Center on March 18 to discuss tax relief currently being offered to victims of Hurricane Sandy.
The IRS extended the deadline to Oct. 15 to make an election to deduct for losses attributable to Hurricane Sandy sustained in federally declared disaster areas. FEMA also extended their disaster assistance deadline to March 29, 2013; the previous deadline was Feb. 27, 2013.
According to the IRS, affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “New York/Hurricane Sandy” at the top of the form so that the IRS can expedite the processing of the refund.
Mayoka will also be hosting a seminar on March 19 at Town Hall at 8:30 a.m. to discuss strategies and techniques to move your business forward after being hurt by Sandy. There will be a panel of professionals available to answer your questions.