Everyone, AOS favorite time of year deadline for tax, is fast approaching. Although there are still a few weeks before it, AOS time to get out the balloons and party hats, it, AOS still a good idea to be more rather than under prepared for your annual taxes. Like you, Aore think about the past year, be sure to consider all property losses you may have incurred in 2011. Many people along the East Coast have suffered losses due to the Hurricane Irene, which was by most estimates one of the ten most destructive and deadly hurricanes to hit the United States since 1980. Irene was a tragedy, but the silver lining is that according to the IRS, losses may well be deductible.
Keep clear terminology can help you understand where losses are deductible and which are not. Remember, an accident occurs when your property is damaged as a result of a disaster such as a storm, a fire, a car accident or similar event. Theft occurs when someone steals your property. A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. Losses incurred as a result of hurricane damage are considered victims, especially since Hurricane Irene was one of many disaster recognized by the federal government in 2011.
However, while the losses are deductible, it, AOS significant to know that if you have insurance, you must have filed a timely insurance claim. Any refund you receive from the insurance must be taken into account and deducted in determining your loss. This includes any expected reimbursement, even if you have not yet received. This brochure on accidents, disasters and theft of IRS (PDF) will help you decide if the victims, loss and theft deductions applicable to you.
Taxes are never fun, but being prepared for all eventualities shows whether the disaster is a hurricane or 1040. Make sure your accountant is common to all losses you may have suffered in 2011.
Tax prep season: make sure to account for losses in
Tax prep season: make sure to account for losses in -
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