Monday is the last day to file a 2007 tax return without penalty for people in 35 counties designated as disaster areas following the storms. The IRS and the Missouri Department of Revenue pushed the deadline back from April 15 for those counties, which includes Texas.
And the last day to seek disaster grants from the Federal Emergency Management Agency or disaster loans the Small Business Administration is approaching as well. That deadline is May 27.
The tax deadline can be extended again by requesting the automatic six-month extension to file. But taxpayers should remember that an extension to file is not an extension to pay – extension requests must include an estimate of the taxes owed and a check to cover the amount.
Getting the tax return filed is more important this year because the tax rebate checks authorized by the federal stimulus plan will not be sent until a full tax return has been received and processed. The tax rebates are already being delivered to people who filed before the April 15 deadline.
Those who have not filed or who did not have their return in with enough time to have it processed by April 15 won’t receive their stimulus payments according to the published schedule. And the stimulus payment will not be combined with a regular return.
Returns not postmarked by Monday will have a late penalty imposed, unless a refund is due.
The returns due Monday can include a deduction for storm losses that are not otherwise covered by insurance. And any money granted by FEMA is not considered income for federal tax purposes.