What Is a Casualty Loss? Taxes From A to Z®
Casualty and theft loss rules have changed significantly in recent years. Here’s what taxpayers need to know about disaster losses, scam-related theft losses, and the records needed to support a deduction.
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Claiming A Casualty Loss For Hurricane Damage Is More Complicated After Tax Reform
Hurricane Dorian made landfall in the Bahamas over the weekend. The category 5 storm has been called the strongest storm to ever threaten the east coast with maximum sustained winds of over 185 mph. According to the National Hurricane Center, “Although gradual weakening is forecast, Dorian is expected to remain a powerful hurricane during the next couple…
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IRS Announces Tax Relief For Taxpayers Affected By Hurricane Florence
The Internal Revenue Service (IRS) has announced tax relief for victims of Hurricane Florence.
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Taxes From A To Z (2014): L Is For Lost Property
Taxes from A to Z: L is for Lost Property.
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Taxes From A To Z (2013): D Is For Disaster Relief
D is for Disaster Relief. The forecast for the past several days has been terrible with warnings and advisories for gusting winds, heavy rain and ice, and several inches of snow slated to blow into the Philadelphia area. Did the storm live up to the hype? The storm really did pack a punch in other…
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How You Can Lose Money on Paper & Still Win at Tax Time Like Romney
We’re programmed to hate losses. A loss tends to mean that you did something wrong, made a poor move, or chose the ill-advised option. But in the tax world, a loss isn’t always a bad thing. Losses on paper sometimes mean a win at tax time – just ask Mitt Romney. Romney’s 2010 federal income…
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Tax Relief & Helping Out As Hurricane Sandy Recovery Efforts Continue
I know that cleanup efforts are still ongoing in the aftermath of Hurricane Sandy… 21,000 people in the Philadelphia area alone are still without power and nearly 2 million are still in the dark in the State of New Jersey. Worrying about taxes in the middle of all of that shouldn’t be part of the…
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IRS Reminds Taxpayers To Take Steps To Prepare for Hurricanes, Other Disasters
It’s been a quiet hurricane season so far on the east coast. After last year, that’s a relief for a lot of folks. And it looks like the pattern will continue: the National Oceanic and Atmospheric Association (NOAA) is predicting a “near normal” season for the year, with expectations of 13 named storms, 5 hurricanes,…
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11 Potentially Life Changing Year End Tax Strategies
2011 is coming to a close which means that year end tax strategies are on the minds of many taxpayers. We all know the most common tips (pay mortgages in advance, make contributions to retirement accounts, donate to charities) but what about those outside of the box? It’s true that you can engage in life…
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IRS Announces Additional Tax Relief For Storm Victims
We survived Irene. Five days without power and water felt like an eternity but we were very lucky to otherwise not sustain any real damage. My kids were safe albeit a little cranky. I realize that not everyone was so lucky and my thoughts and prayers are with all of you who suffered injury or…