Advertisement
taxes

IRS Extends Tax Due Dates for Tennessee Tornado Victims

Victims of the recent tornadoes in and around Nashville will have until July 15 to file tax returns and make tax payments.

Victims of the recent tornadoes and severe storms in and around Nashville, Tennessee, will have until July 15, 2020, to file various individual and business tax returns and make tax payments.

The tax relief is available for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, this includes Davidson, Putnam and Wilson counties. However, taxpayers in places added later to the disaster area will automatically receive the same filing and payment relief.

Advertisement - Article continues below

The IRS will also work with any taxpayer who lives outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation.

Deadlines Extended

The deadlines that are extended include the April 15 due date for 2019 individual and business returns, as well as various 2019 business returns due on March 15.

Tornado victims will also have until July 15 to make 2019 IRA contributions.

The July 15 extended deadline also applies to quarterly estimated income tax payments due on April 15 and June 15, and the quarterly payroll and excise tax returns normally due on April 30.

Taxpayers don't need to contact the IRS to get this relief. However, if an affected person receives a late filing or late payment penalty notice from the IRS, he or she should call the number on the notice to have the penalty abated.

Advertisement
Advertisement - Article continues below

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for additional time.

Deduction for Damaged or Lost Property

Tennessee tornado victims may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C.

The deduction can be claimed on either a 2019 tax year return (which is due April 15, 2020) or a 2020 return (which is due next year). In either case, a tornado victim must write the FEMA declaration number – 4476 – on the return claiming the deduction.

See IRS Publication 547 for more information about writing off disaster losses.

Advertisement

Most Popular

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)
tax deadline

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Between due dates for IRA or HSA contributions, paying estimated taxes and other deadlines, there's more to do by July 15 than just filing your federa…
July 10, 2020
65 Best Dividend Stocks You Can Count On
stocks

65 Best Dividend Stocks You Can Count On

These 65 Dividend Aristocrats are an elite group of dividend stocks that have reliably increased their annual payouts every year for at least a quarte…
July 8, 2020
Know Why Your Credit Score Changes: 9 Money Moves to Consider
credit & debt

Know Why Your Credit Score Changes: 9 Money Moves to Consider

Your credit score is a key indicator of your financial well-being and of the risk you pose to lenders. How good is yours?
July 10, 2020

Recommended

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)
tax deadline

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Between due dates for IRA or HSA contributions, paying estimated taxes and other deadlines, there's more to do by July 15 than just filing your federa…
July 10, 2020
Saver's Credit: A Retirement Tax Break for the Middle Class
Tax Breaks

Saver's Credit: A Retirement Tax Break for the Middle Class

Your retirement contributions could be the key to a lower tax bill.
July 9, 2020
8 Ways You Might Be Cheating on Your Taxes
taxes

8 Ways You Might Be Cheating on Your Taxes

Don't fall into these common traps that can get you in hot water with the IRS.
July 8, 2020
2020 Tax Deadline: When Are Tax Returns Due This Year?
tax deadline

2020 Tax Deadline: When Are Tax Returns Due This Year?

The April 15 deadline for filing your 2019 federal income tax return (and paying taxes) has been moved back...but the new due date is approaching fast…
July 8, 2020