Portland, OR, is an exciting place to live. The city is known for its eco-friendliness, parks, bridges, bicycle paths, and coffeehouses. However, not all good things come without their cons. The city of serene Washington Park is also prone to natural disasters like wildfires, landslides, floods, and earthquakes. Portland is home to almost 60% of the state’s residents, which means that when a natural disaster struck this city, the majority of the Oregon population was affected by it. The high cost of living is the price we pay to live in big cities but times like disasters and financial slowdowns make life tough as the majority suffers from financial stress in times like these. The recent Portland wildfire was a prime example of it. The wildfire disrupted the otherwise peaceful life of the city’s inhabitants.
In addition to this, the coronavirus pandemic has already slowed down the economy across the globe.
In times like these, people prioritize their expenses and try to spend on survival and living. All other expenses, like taxes and premiums, become secondary in times like these.
If you find yourself trapped in the same circumstances as mentioned above, here is good news for you. IRS allowed relief on the due date for filing and payment of tax. It is not the first time it happened, as the IRS always provides some sort of tax relief when the last date of tax return submission falls around the time of natural disaster.
If you reside in the area where a natural disaster happens, usually a hurricane, flood, earthquake, wildfire, etc., and the disaster is declared a natural disaster by the federal government; you may qualify to pay your taxes and submit tax returns till an extended date announced by the IRS.
The most recent natural disaster faced by Oregon state residents was the ‘Oregon Wildfires. In the 2020 Western US wildfire season, the wildfire killed at least 11 people and burned an area of more than 1,221,324 acres. Although wildfires are usually a natural phenomenon and helpful for forest preservation, excessive fires on a large scale can also affect wildlife and residents of surrounding areas.
IRS extended the tax payment date and tax filing deadline till the 15th of January 2021 to help victims of the Straight-line Winds and Oregon Wildfires during difficult times.
Residents of the following Oregon state areas can get this relief;
How does the IRS offer Natural Disaster Tax Relief?
In addition to regular individual and small business tax payments, this relief also applies to quarterly estimated tax payments that were due on the 15th of September last year.
In addition to relief in the IRS deadline, the taxpayers affected by Oregon Disasters can also claim casualty losses due to natural disasters.
Individuals may also deduct personal property losses that are not covered by insurance or not reimbursed by any other means.
IRS waives the regular fees and requests copies of tax returns filed in previous years.
To claim tax relief offered by the IRS for federally declared natural disasters, taxpayers must include the disaster declaration number, FEMA 4519, on any return. Also, put Disaster Designation, “Oregon, Severe Storms, Flooding, Landslides and Mudslides” in red ink at the top of the form.
Zee Maq is a content writer who specializes in writing business and finance content. She has nine years of experience and loves to provide problem-solving content to help people tackle challenges in their everyday lives.