October 1, 2019

October 15th Deadline

Oct. 15 isn’t just the deadline for filing certain extended federal tax returns, but also for other important actions. For example, taxpayers who suffer a disaster loss may elect to deduct the loss in the year before the loss occurred. The election must be made by the date that is six months after the regular due date of that return. So, for a disaster loss that occurred in 2018, calendar year taxpayers have until Oct. 15, 2019, to file an amended return to claim the casualty loss. Note: For disasters that occurred after 2017 and before 2026, the Tax Cuts and Jobs Act limits the deduction of individual casualty losses to those occurring in areas declared a federal disaster by the President.