Taxpayers impacted by Milton hurricane have until May 2025 to file their returns and pay taxes
What will happen to Florida in 2025? The state is still recovering from Hurricane Milton. The IRS has given a big tax relief package.
This relief will help people and businesses across 51 counties, including newly added areas like Miami-Dade and Broward.
Looking ahead to 2025, many questions arise. How will this tax relief help Florida recover? Will it boost areas that were hit hard? The answers might surprise you as we explore the effects of this big decision and what is expected to happen to Florida in 2025.
Extended Tax Filing and Payment Deadlines
Automatic Extension Details
People in disaster areas get automatic tax relief. They don’t need to ask the IRS for it. This extension covers tax obligations from October 5, 2024, to April 30, 2025. This helps answer the question: What will happen to Florida in 2025?
Affected Tax Years and Payments
The relief includes:
- 2024 tax returns due in March and April 2025
- 2023 returns with valid extensions.
- Quarterly estimated income tax payments
- Payroll and excise tax returns
Who qualifies?
Taxpayers eligible for the IRS extension deadline for disaster areas include:
- If you’re an individual or business with a 2024 tax return due in March or April 2025, you qualify for the extension.
- If you have a 2023 federal return with a valid extension, you can file later, but any payments due last spring aren’t included in the extension.
- taxpayers have more time to recover financially
- Payroll and excise tax returns due on October 31, 2024, January 31, 2025, and April 30, 2025, get extra time too.
Out-of-State Taxpayers
The IRS says taxpayers are “affected” if their filing or payment records are in a disaster area. If you’re out of state, here’s what you need to do:
- Contact their tax professional to check if they qualify
- Find out if their records are in the affected area
- Learn about the extended deadlines, which could be as late as May 2025 for some
Eligibility Criteria for Property Tax Refunds
To get a tax refund, property owners need to meet certain requirements:
- The home must be “uninhabitable” for at least 30 days
- The damage must come from recent hurricanes
- The property must be in eligible counties of Florida.
Not sure if you’re eligible? Reach out to a trusted tax advisor to explore your options and ensure compliance with IRS guidelines.
How to Apply
To get Florida property tax relief and plan for what will happen to Florida in 2025, homeowners should:
- Fill out Form DR-465
- Collect proof of property damage
- Send the application to the local property appraiser’s office
- Do this by March 1, 2025
Florida’s tax relief is a key part of the state’s disaster recovery plan. It works alongside federal support, such as IRS aid for Hurricane Milton victims. These efforts aim to help residents rebuild and will shape Florida’s recovery in 2025.
Need help filling out Form DR-465 or collecting property damage proof? Consult a local property tax expert to streamline the process.
What Will Happen to Florida in 2025?
With extended tax deadline 2023 Florida provisions, property tax refunds, and support for the counties of Florida, the state is making strides to rebuild its economy and infrastructure. However, continued efforts are crucial to helping residents and businesses recover fully. As recovery continues, what will happen to Florida in 2025 remains an important question.
The support provided by federal and state programs, including the hurricane tax-free relief, reflects a commitment to ensuring Floridians can rebuild stronger than before.
Florida’s recovery is underway, but the journey is far from over. With state and federal support, communities have the tools to rebuild stronger. But the question remains: will these efforts be enough to secure a thriving Florida in 2025?
