2024 Hurricane Tax Relief for Florida Residents & Businesses

The 2024 hurricane season brought severe damage, especially with Hurricanes Debby, Helene, and Milton affecting countless Floridians. To support those impacted, the IRS and other agencies have introduced tax relief measures to aid in financial recovery.  

This content is for informational purposes only and does not constitute tax advice..  Consult with a qualified tax professional before taking any actions.

1. Claiming Casualty Loss Deductions

If you have experienced losses from hurricane damage, understanding casualty loss deductions is essential:

Eligibility: Losses related to personal property, including homes, vehicles, and personal belongings, qualify for deductions. Businesses can also claim losses, although different regulations may apply.

Filing: Use Form 4684 and report the deductions on Schedule A. Without a “qualified disaster” designation, the 10% AGI rule remains applicable for affected areas at the time of writing.

2. Additional Relief Measures

Retirement Plan Withdrawals: Special disaster distributions can be withdrawn without incurring the usual 10% early withdrawal penalty, with income spread over three years. Review your retirement plan’s guidelines for specifics.

SBA Disaster Loans:

• Home Loans: Up to $500,000 available for primary residences.
• Personal Belongings: Up to $100,000, with loan terms of up to 30 years and interest rates capped at 4%. Visit the SBA website for further details.

Property Tax Relief: Florida homeowners whose properties were deemed “uninhabitable” for at least 30 days may qualify for a tax refund. Submit Form DR-465 to the local property appraiser by March 1, 2025, and check your county’s website for additional requirements.

Qualified Disaster Relief Payments: Government funds received for personal and home repair expenses are typically excluded from gross income, as explained in IRS Publication 525.

3. Extended Filing and Payment Deadlines

Due to the extensive damage caused by Hurricane Milton, the IRS has extended tax filing and payment deadlines for Florida residents and businesses.

New Deadlines:

• Affected taxpayers have until May 1, 2025, to file returns and make payments initially due from October 5, 2024, to April 30, 2025.
• This extension includes:
  • 2024 tax returns due in March or April 2025.
  • 2023 returns with valid extensions.
  • Quarterly estimated tax payments due in January and April 2025.
  • Payroll and excise tax returns due in late 2024 and early 2025.

Penalty Relief: Deposits due from October 5 to October 21, 2024, will not incur penalties if made by October 21, 2024. Refer to the IRS website for a complete list of affected counties.

4. Considerations for Non-Affected Taxpayers

Taxpayers living outside disaster areas may still qualify for relief if their tax records are located in a disaster-affected region or if their tax preparer was impacted. Maintaining communication with your tax advisor or preparer is essential to verify eligibility.

5. Multi-State Relief

The effects of Hurricane Helene extended to other states, including Alabama, Georgia, and the Carolinas. Taxpayers in these areas also benefit from the extended May 1, 2025, filing and payment deadline.

At Murray Law Group, we are committed to helping our clients navigate post-disaster challenges and ensuring they receive all available benefits. Our experienced attorneys are here to assist with hurricane insurance claims and help protect your rights as you recover.

Need Help Navigating Hurricane Insurance Claims? 

Dealing with the aftermath of a hurricane can be overwhelming, especially when it comes to understanding your insurance rights and the relief options available. At Murray Law Group, our experienced attorneys are here to guide you through the process, ensure you make the most of your claims, and advocate for your recovery.

Reach out today for a consultation and take the first step toward securing the support you deserve. Let us help you protect your rights and achieve peace of mind.

Disclaimer: This content is for informational purposes only and does not constitute tax advice. Murray Law Group does not provide tax advice. Always consult with a qualified tax professional before taking any actions. Communications from our firm should not be relied upon for specific tax guidance.