Tax deadline reprieve for flood victims--and advice for the rest of us

Flood victims in 10 states will have more time to file their quarterly estimated tax payments, the IRS said today. Normally, those payments would be due today. That means self-employed individuals, retirees and others who file quarterly taxes from certain counties in Iowa, Indiana and Wisconsin will get a reprieve; the IRS says new due dates vary according to location. Earlier this spring, the IRS granted similar relief to residents in certain areas in Arkansas, Colorado, Georgia, Maine, Mississippi, Missouri and Oklahoma. Check the IRS Web site for details on your region.

The agency also mentioned that taxpayers in those areas who suffer uninsured or unreimbursed property damage can claim those losses on their 2007 returns. They can either amend their already-filed returns or file for the first time if they have chosen a filing extension. A spokesperson said the purpose of that option was to provide immediate tax relief to flood victims. Alternatively, victims can claim those losses on their 2008 returns.

The recent flood disasters of the last several weeks are a reminder that even areas not considered flood-prone can be vulnerable. For that reason, consider buying National Flood Insurance for your property. Check our report and FEMA's flood insurance Web pages for details.

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[Jackie]

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