Tax Relief for Business Owners Affected By Natural Disasters

With hurricanes, tornadoes, floods, wildfires, and other natural disasters affecting so many individuals and businesses throughout the US this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen.

The good news is that there is some relief for tax payers if you meet certain conditions.

Conditions to meet the tax relief because of a natural disaster:
– The loss was caused by a sudden, unexplained, or unusual event.
– The damage caused are not covered by your insurance.
– The losses you have are sufficient to overcome reductions required by the IRS. A little bit of math here is required. A tax professional can help you determine this amount if you were partially insured.
– Finally, you must itemize everything.

If your business was affected by Hurricane Irene you may be able to file for tax relief.