With the onslaught of the harsh, not to
mention unusual, winter storms hitting the south and eastern seaboard, many
residents were faced with a variety of problems from property damage to area
businesses and school closings. Liberty Tax can’t offer input on the closings
but we can offer advice to those who have experienced property damage.
If Old Man Winter left his mark on your possessions
such as your car, your yard, and your business, you’ve experienced property
damage. The light at the end of this snow-plowed tunnel is that you may qualify
for tax relief when you file your taxes next year. The IRS defines a casualty
loss as damage, destruction or loss of property from a sudden, unexpected or
Because it’s hopeful that this harsh winter
will be a distant memory by next tax season, you’ll want to keep the proof of
the damages together. Store all of your records and receipts in a safe place
(just don’t forget where). If you don’t happen to have an organizing system for
your tax documents, it just so happens we can help with that as well. Check out
this article: Organizing a Tax Binder.
To further assist individuals who have
casualty loss, Liberty Tax has published a Disaster Handbook (PDF), which helps individuals before and after
Disclaimer: Every effort has been taken to provide
the most accurate and honest analysis of the tax information provided in this
blog. Please use your discretion before making any decisions based on the
information provided. This blog is not intended to be a substitute for seeking
professional tax advice based on your individual needs.