What to Know About the 2021 Texas Tax Deadline Extension

For Texans affected by severe winter storms, you may be eligible for a tax deadline extension. The IRS has declared that “victims of winter storms that began February 11, 2021 now have until June 15, 2021” to file their tax forms and make payments. This announcement includes individuals, businesses, and tax-exempt organizations. 

Quick Facts: Here’s What You Should Know

If you receive a letter from the IRS…

Do not panic if you receive a late filing or payment notice from the IRS. Simply call the phone number listed on the penalty notice and ask the IRS to abate the penalty. 

If you were affected by the winter storms and do not live in the covered area…

What if you were affected by the severe weather but do not live or have a business within the 254 Texas counties covered by the IRS’ declaration? The IRS identifies taxpayers located in the covered disaster area automatically to apply this relief. However, if you live or have a business outside of the covered disaster area, call the IRS disaster hotline at 866-562-5227.

If you sustained damage from the winter storms…

For those who live or have a business in the federally-declared disaster area, you can claim disaster-related casualty losses on your federal income tax return for either the year in which the event occurred or the prior year. This could also include personal property losses not covered by insurance. If you are claiming disaster loss on a 2020 tax return, note “Texas – Severe Winter Storms” in bold letters at the top of the form, including the disaster declaration number (FEMA 4586) on the return as well. 

IRS Resources to Review

Need help planning your taxes?

Southwestern Investment Group advisors can analyze your personal or business financial plan to maximize your tax benefit. Contact us today to schedule a consultation.

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