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Stanfield, Thomas & Associates
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SBA Disaster Relief is not just for businesses!![]()
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SBA disaster loans may be available to homeowners, renters, and businesses of all sizes in areas covered by a disaster declaration.#Helene update: Disaster loans are now available for businesses and residents in declared disaster areas to help communities recover and rebuild. ![]()
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✍️ Apply online or in-person: www.sba.gov/hurricane-helene ![]()
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For more help: ![]()
☎️ Call: 800‐659‐2955 ![]()
✉️ Email: disastercustomerservice@sba.gov
Federal Extension Deadline Extended For Entire State of NC and Portions of TN![]()
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The Internal Revenue Service announced October 1, 2024, tax relief for individuals and businesses in parts of Tennessee that were affected by Tropical Storm Helene that began on Sept. 26, 2024. These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.![]()
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Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties qualify for tax relief.![]()
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The May 1, 2025, filing deadline applies to:![]()
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- Individuals who had a valid extension to file their 2023 return due to run out on Oct. 15, 2024. The IRS noted, however, that because tax payments related to these 2023 returns were due on April 15, 2024, those payments are not eligible for this relief.![]()
- Calendar-year corporations whose 2023 extensions run out on Oct. 15, 2024.![]()
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To read more:
www.irs.gov
TN-2024-01, Oct. 1, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Tennessee that were affected by Tropical Storm Helene that began on Sept...
We know the recent hurricane has affected us all, and we want you to know that we’re here for you. ![]()
Our phone lines are open, and we’re ready to assist the community in any way possible.
October 15 is the 6-month Extension Deadline![]()
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With the exception of those eligible for tax deadline relief due to a federally declared disaster, everyone who requested a 6-month extension to file a 2023 tax return must file by October 15. ![]()
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If you owe tax, remember that the automatic 6-month extension applies only to filing your return, not to paying tax. Generally, after the standard April filing deadline, unpaid tax balances begin accumulating interest charges that increase daily. Filing and paying as soon as possible will keep those charges to a minimum.![]()
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People who cannot pay their full tax balance now should still file as soon as possible. By proactively setting up a payment plan with the IRS, they can minimize late payment penalties. ![]()
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Disaster Relief Eligibility: www.irs.gov/newsroom/tax-relief-in-disaster-situations
Disaster Preparedness – Did You Know?![]()
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September is National Preparedness Month, the perfect time for all Americans to check their readiness for storms, floods, fires and other disasters. To help with that checkup, the IRS recently reminded taxpayers of important steps to include in their disaster preparation plans.![]()
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- Store key documents in a secure, waterproof and fireproof container. These documents include birth certificates and/or Certificates of Naturalization, Social Security cards, tax returns, home deeds and vehicle titles. If you do not have a suitable storage option in your home, you may wish to rent a safe deposit box. In either case, make copies of these documents and store the copies in a separate location from the originals, such as at a relative's home. You may also wish to scan documents if you have access to a secure digital storage option.![]()
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- To facilitate making insurance claims and/or claiming disaster loss tax deductions, individuals and businesses should maintain accurate inventories of their valuables. One simple way to document your possessions is to regularly take photos or videos around your home. Store the photos or videos securely, and include written notes like the year, make and model of key items.![]()
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Recovering from a disaster is always challenging. However, the right preparation can make the process a little simpler, and less stressful.