flooding

What Is the MACD Indicator (Moving Average Convergence Divergence)?

The MACD is an oscillator that measures momentum, with the idea that momentum shifts often precede price changes. Learn more here.

Can You Work and Collect Social Security? Yes, with Limits

As simple words go, “retirement’’ carries a lot of weight and a lot of baggage. Now that retirement is bouncing around in your mind, and you entertain the thought of giving up your day job, you ask yourself: Is my retirement income and Social Security going to be enough for my preferred lifestyle? What am […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Tax Deadlines Extended for Puerto Rico Storm Victims

The IRS has granted victims of a recent natural disaster in Puerto Rico more time to file various individual and business tax returns and make tax payments. Specifically, victims of the severe storms, flooding and landslides that began on February 4, 2022, now have until June 15, 2022, to file and pay tax returns and payments due between February 4 and June 14.

  • SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines

The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. At this point, only affected taxpayers who live or have a business in Cataño, Dorado, Toa Baja, Vega Alta and Vega Baja qualify for the extensions, but the IRS will offer the same relief to any taxpayers in other Puerto Rico localities designated by FEMA later.

The IRS will also work with other people who live outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization and anyone visiting the impacted area who was killed or injured as a result of the disaster.

Deadlines Extended

The deadlines that are pushed back include the April 18, 2022, due date for filing a 2021 personal income tax return and paying 2021 taxes, and various business returns normally due March 15 and April 18. Storm victims in the designated area will also have until June 15 to make 2021 IRA contributions.

  • SEE MORE When Mother Nature Hands You a Catastrophic Insurance Claim

Puerto Rico storm victims will also get more time to make the first quarterly estimated tax payment for the year that’s due on April 18, 2022. In addition, farmers who would normally skip estimated payments and file their returns by March 1, 2022, can now wait until June 15 to file their 2021 return and pay any tax due.

The due date for quarterly payroll and excise tax returns normally due on May 2, 2022, are extended to June 15 for Puerto Rico storm victims, too. Penalties on payroll and excise tax deposits due from February 4 to February 21 will also be waived as long as the deposits were made by February 22, 2022.

Taxpayers don’t need to contact the IRS to get this relief. However, if an affected person receives a late filing or late payment penalty notice from the IRS, he or she should call the number on the notice to have the penalty abated.

Deduction for Damaged or Lost Property

Victims of the Puerto Rico storms, flooding and landslides may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C.

  • SEE MORE What Are the Income Tax Brackets for 2021 vs. 2022?

The deduction can be claimed on the tax return for the year the damage or loss of property occurred or for the previous year. So, for any damage or loss in 2022, the deduction can be claimed on either a 2021 tax year return or a 2022 return. In either case, you must write the FEMA declaration number on the return claiming the deduction. For the recent Puerto Rico storms, flooding and landslides, the number is DR-4649-PR.

If you decide to claim a deduction for 2021 and you have already filed your 2021 tax return, you can amend your 2021 return by filing Form 1040X. For this purpose, you must file the amended return no later than six months after the due date for filing your return (without extensions) for the year in which the loss took place. So, for Puerto Rico storms, flooding and landslide losses in 2022, you would need to file an amended 2021 return by October 16, 2023. Affected taxpayers claiming the disaster loss on an amended 2021 return should also put the Disaster Designation (“Puerto Rico Severe Storm, Flooding, and Landslides”) in bold letters at the top of the form. See IRS Publication 547 for details.

  • SEE MORE 14 Must-Have Items for Your Home Emergency Kit

5 Common Reasons for Being Denied Homeowners Insurance

Buying a home is a complicated process, especially for first-time homebuyers. Yet, purchasing a property is one of the landmark moments in many peoples’ lives, and a home is often a family’s most valuable asset. Therefore, it’s incredibly important to make sure that it has the proper insurance coverage. Some homes, however, can be more […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

‘What Kind of Lawyer Do I Need to Hire” is a Question We Can Answer

There are more than 1 million lawyers in the United States practicing dozens of specialties. Those specialties range from criminal law to family law, medical malpractice to personal injury law. Add intellectual property and estate planning lawyers into the mix and you have even more people focused on legal matters. Because there are so many […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Tax Deadlines Extended for Washington Flooding and Mudslide Victims

FEMA’s recent disaster declaration opens door for extended federal tax filing and payment deadlines for victims of the November 13 flooding and mudslides in Washington.

How Risky is Investing in Rental Properties?

I am trying to buy as many rental properties as possible because of the great returns they provide. I am also trying to help other investors discover the fantastic world of investing in long-term rentals through my blog. However, I run into a lot of feedback from people who are worried about how risky it … Read more