You may be able to claim a casualty loss deduction on your tax return if you suffered uninsured or unreimbursed losses from Hurricane Florence or other recent federally declared natural disasters. But did you know you may not need to live in a federally declared natural disaster area to qualify for relief?
You're considered "affected" by a natural disaster if the records you need to meet a filing or payment deadline during a postponement period are located in the disaster area. This also applies if your tax preparer is in the disaster area and unable to file or pay taxes on your behalf.
Visit the IRS Disaster Assistance and Emergency Relief for Individuals and Businesses page for more info.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.
651 Via Alondra Suite 715
Camarillo, CA 93012
This DiSabatino CPA Quick Tip provides thought invoking information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here. All rights reserved.