The Hurricane Irene caused a major havoc all up and down in the East Coast including Philadelphia and Delaware. Many victims who own their houses & property are still trying to come out of the after effects (financial & emotional) of the natural disaster of 2011.
The best way the Government & the State can help the affected people is by offering some federal aid in terms of tax relief for Irene . The tax code provides for tax relief for people who have incurred losses in sudden tragedies. Things like the Casualty, Disaster, and Theft deduction allows the taxpayers to deduct the losses that they face from sudden natural disasters such as hurricanes, volcanic eruptions, car accidents, floods, storms, fires, tornadoes, and even things like terrorist activity. However, there are various rules that apply for this tax relief. Here are the tips on the arrangements for Hurricane Irene tax relief 2011:

-Extension of deadlines to file and to pay taxes:

The IRS is granting an extension of time to file tax returns and to pay taxes. Business and entity tax returns due on September 15, 2011, are now due on October 31, 2011. Individual tax returns due on October 17, 2011, are also extended to October 31, 2011.

Also, the taxpayers who are living outside of any of the federally declared disaster areas but if their tax return preparer is located in one of the disaster areas, they are also given a one-week extension to file tax returns that were due September 15, 2011. This would include corporate and partnership returns. That means, that such returns are now due on September 22, 2011.

Deduction on Casualty Losses

Now, here's some financial benefit for Irene tax relief 2011. Property damage losses may be eligible for a tax deduction as a casualty loss. But remember, casualty losses can be deducted only after insurance claims have been filed and the amount of insurance reimbursement is known. Any un-reimbursed losses can then be deducted on the tax return, either for the year of the loss i.e, the 2011 tax return, or for the previous year of the loss, i.e.the 2010 tax return. So, it may be possible for taxpayers affected by Hurricane Irene to take a casualty loss deduction on their original or amended 2010 tax return, in that way they will get any tax refund money more quickly than deducting the loss on their 2011 tax return.

The IRS has posted lot of information on their website for the sufferers of Hurricane Irene 2011 for providing them with a tax relief. Please refer to such information for more details. Take care.