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- Hurricane Disaster Loss Tax Ramifications
- With the historic flooding and damage caused by recent hurricanes, President Trump has declared the affected areas disaster areas. If you were an unlucky victim and suffered a loss as a result of these disasters, you may be able to recoup a portion of that loss through a tax deduction. When you suffer a casualty loss within a federally declared disaster, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
- Natural Disaster Charity Volunteer Tax Breaks
- If you volunteered your time for a charity in the aftermath of a natural disaster, you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity or federal, state or local governmental agency, some deductions are permitted for out-of-pocket costs incurred while performing the services. The following are some examples:
- How to use your paycheck to donate to Hurricane Harvey and Irma Charities.
- Employees can donate their unused paid vacation, sick leave, and personal leave time to Hurricane Harvey and Irma relief efforts.
- The Equifax Data Breach, IRS and Your Identity Security
- In the tax industry, we have been working to combat the threat of hackers for many years. When a security breach of the scope of the recent Equifax cyber security incident takes place, many clients are affected and concerned about how this may affect their financial lives.
- A Novel Way to Make Hurricane Relief Donations
- As they have done before in the wake of disasters, including Hurricane Katrina and Superstorm Sandy, the Internal Revenue Service is providing special relief that allows employees to donate their unused paid vacation, sick leave, and personal leave time to Hurricane Harvey and Irma relief efforts.
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