IRS: Hawaii wildfire victims qualify for tax relief; Oct. 16 deadline, other dates postponed to Feb. 15
WASHINGTON — The Internal Revenue Service today announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.
Read the full announcement here
STATE OF HAWAII: Tax relief on a “case-by-case basis”
The State’s Department of Taxation (DOTAX) announced that it will consider taxpayers’ requests for “extensions to file and pay Hawai‘i taxes, for waivers of any penalties and interest, and for relief based on interruptions to mail delivery, on a case-by-case basis.” Such relief can be sought by eligible taxpayers for any of the taxes that DOTAX administers, including general excise, transient accommodations, net income, tobacco and liquor, the announcement said. “Actual taxes owed will be unaffected, however requests for the extension of deadlines and/or the waiver or reduction of penalties and/or interest will be considered,” Yamashiroya said in Monday’s email. For instructions on requesting relief, see Tax Announcement 2023-03 at https://tax.hawaii.gov
HOW TO REPLACE IMPORTANT DOCUMENTS AND ACCESS FINANCIAL AID AFTER A DISASTER
Here’s what residents and businesses impacted by the Maui wildfires should know about ordering replacement documents and applying for federal assistance. Plus, a list of local financial institutions offering emergency relief.
Hawaii Business Magazine – August 16, 2023
Read full article here: https://www.hawaiibusiness.com/how-to-replace-important-documents-access-financial-aid-after-disaster-lahaina-maui-fire/
CLAIMING LOSSES ON YOUR TAX RETURN
Keep good records. You can claim a deduction for the loss you suffered. You generally must deduct a casualty loss in the year it occurred. HOWEVER, if your property was damaged as a result of a federally declared disaster, you can choose to deduct that loss on your return for the tax year immediately preceding the year in which the disaster happened.
Watch IRS video here:
DO YOU NEED TAX INFORMATION?
- If you had your return prepared at a VITA site, please contact that site to get a copy of your return for 2022 and prior years (if you used VITA for the preparation of those prior year returns)
- If you used self-preparation software like Turbo Tax or Tax Act, sign into your account and you should be able to access your return for 2022.
- If you had income but did not file a return, you can request a Wage And Income Transcript from the IRS. Wage And Income Transcripts show data from information returns such as Forms W-2, 1098, 1099, and 5498 sent to the IRS by employers, contractors, etc. This transcript is available for the current and nine prior tax years using Get Transcript Online or Form 4506-T.
Go to this IRS page to learn about the different types of tax transcripts that you can request and how to request them, including a link to Get Transcript Online:
For a list of all sites, please see Free Tax Sites
Hawaii Tax Help and Financial Empowerment Solutions is a 501(C)(3) tax exempt non-profit organization.
OUR MISSION is to increase individual wealth, vastly improve the ability of those who seek to achieve financial stability and self-sufficiency, and build stronger communities by: (1) Providing free tax assistance to low-to-moderate income Hawaii residents in conjunction with the Volunteer Income Tax Assistance (VITA) program of the Internal Revenue Service which saves taxpayers money while helping them to fulfill their federal and state obligations to file tax returns which serves the public interest. (2) Providing educational workshops and material to the general public relating to financial literacy, with a focus on preventing tax-related debt which hinders the long-term success of current financial programs and interferes with the efforts of those who are striving to achieve self-sufficiency.
ABOUT HAWAII VITA & FINANCIAL EMPOWERMENT SOLUTIONS
1 Program | 18 Seasons | 60,727 Clients Served
$88.6 Million in Refunds Obtained for Clients
$42.8 Million in Federal Tax Credits Claimed
$15.1 Million Saved by Workers in Tax Preparation Fees
2,963 Volunteers including 319 High School Students