IRS Provides Extra Time for Hurricane Harvey Victims

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Stormy WeatherIn a quick move, the IRS has given relief to taxpayers affected by Hurricane Harvey.  As a result of the hurricane, counties suffering from the storm have been declared disaster areas.  This qualifies taxpayers for relief from filing 2016 individual and business tax returns, which are otherwise properly extended.  The extended due date for filing is January 31, 2018. Tax payments for 2016 individual returns, however, are not granted the same relief.

In addition, for individuals, quarterly estimated tax payments which were otherwise due on September 15, 2017 and January 16, 2018 can also be postponed until  January 31, 2018.  Also, uninsured or unreimbursed disaster-related losses can be deducted on either a taxpayer’s 2016 or 2017 tax return.

The following Texas counties are eligible for relief: Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria and Wharton.

Click here for the full text of the IRS information release.

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Horizon Advisors is a Houston based fee-only wealth management firm. Horizon is a fiduciary advisor. We specialize in helping successful individuals and families understand, organize, and manage their often complex financial situations. Horizon offers integrated financial planning and investment management services.

Horizon Wealth Advisors
Horizon Wealth Advisors is a Houston-based, privately owned, fee-only financial advisor established in 1999. Our mission is to develop long-term relationships with thoughtful, successful individuals, families, and organizations by supporting and assisting them in achieving their financial goals.

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