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Limited Tax Relief For Taxpayers in Hawaii |
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IRS announced limited tax relief for taxpayers in the counties of Hawaii, Kauai, Maui and Honolulu and the City of Honolulu affected by the earthquake on Oct. 15, 2006. The tax relief are the postponement of time to file returns, pay taxes, and perform other time-sensitive acts till October 23 2006. To qualify for this relief, affected taxpayers should put the assigned Disaster Designation in red ink at the top of the return
The taxpayers in a Presidential Disaster Area can claim disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund. As part of the losses individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year.
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Last Updated ( Thursday, 24 January 2008 )
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