TAX-SAVING STRATEGIES September 1
Hurricane Harvey Relief Coming From the IRS
Learn how you could benefit
Did you know the IRS has just released their guidelines for claiming disaster losses on your tax return
Here's how you benefit:
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 the year in which the event occurred, or the prior year.*
Tip: Did you have a tax issue in 2016? Could amending 2016 help lower your taxes by adding in Harvey-related losses.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements.**
Tip: Please take a look at this one because personal losses are usually NEVER deductible.
Affected taxpayers claiming the disaster loss on a 2016 return should put the Disaster Designation, “Texas, Hurricane Harvey” at the top of the form so that the IRS can expedite the processing of the refund.
Other Types of Relief
The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation “Texas, Hurricane Harvey” in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.
If the you have an IRS collection or examination matter you can ask for more time to comply, for obvious reasons.
Or you can hire me to take care of it for you.
*See Publication 547 for details.