For people who live in the Mississippi, Alabama, and Louisiana counties or parishes designated as Katrina disaster areas, the deadline to file your taxes has been pushed back from Apr. 17 to Aug. 28.
In addition to the filing extension, the law also applies to payment deadlines.
"What happened is that the IRS determined under code section 7806 that they had the right to postpone filing deadlines for people hardest hit by Katrina. And that's people in the go-zone," said CPA Bob Rea.
Even with the extension, Rea says that if you make quarterly payments, he recommends still making those payments on time to avoid having to pay a large amount in August.
"If you're very disciplined, pay them into your savings account and then pay it all on Aug. 28," said Rea. "But we encourage you not to get behind to where you're trying to catch up at the last minute. It makes it very difficult."
Rea says that for those in the affected area, you do not need to file for an extension. Simply write the words Hurricane Katrina at the top of your return when you file it.
Check out Chris Brennaman's blog: newscenter11.blogspot.com
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