Hurricane Tax Relief: an often missed measure that can help businesses and homeowners
The Bush tax cuts may expire, however, there is one long-standing (and often missed) tax deduction that some taxpayers may be able to use, especially those affected by the recent storm - the Casualty Loss Deduction. This is an unusual deduction because homeowners AND business owners (including owners of home-based businesses) may be able to take advantage of this benefit. In less common cases, renters also may be able to use this deduction.
To qualify, one must have suffered a loss that was not fully covered by insurance. It's important, therefore, to have good records, including records of your paid deductibles, the cost of the damaged property, and its value at the time of the event. There are additional rules and special reporting requirements with which to comply. This deduction is thought to attract IRS attention due to the complexity.
For those reasons, I urge you to contact me if this is something you would like explore in greater detail. My email address is email@example.com my direct telephone number is (203) 273-6300.