REMINDER: ATLANTIC AND CAPE MAY COUNTY RESIDENTS GET FILING EXTENSION

Those home and business owners in Cape May and Atlantic counties will have till May 11 to file with the IRS. President Barack Obama declared those two counties as federal disaster areas from the storms beginning on March 12; and therefore, are among the counties that have been granted the extension. Also, affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors. Typically the deadline is April 15.