Living in Florida means hearing the term “preparedness plan” often due to our hurricane season. Taxpayers can get ready for a disaster by securing and duplicating essential documents, creating lists of property, and knowing where to find information once a disaster has occurred. By having your information secure, you can save yourself stress in an already stressful situation.
Here are some tax tips for individuals in St. Petersburg that might be preparing for hurricane season!
Secure key documents and make copies.
You need to make copies of all important documents. In case of a flood, paper documents get damaged by water. Put items like these inside waterproof containers in a secure space:
Document valuables and equipment.
Taking photographs or videos of a home or business’s contents can help support claims for insurance or tax benefits after a disaster strikes. Save these pictures on your phone for easy access. Be sure to make backups on your computer and external hard drives.
Check if you are in a Federally Declared Disaster Area.
A tax payer in and outside of a federally declared disaster area may qualify for disaster relief. Check out https://www.disasterassistance.gov/ for assistance.
Special tax law provisions may help taxpayers and businesses recover financially. If you have damaged or lost property in a location declared as a major disaster area, you may be able to get some money back from the IRS right now. An individual accountant can help you navigate this.
Depending on the circumstances, the IRS may grant more time to file returns and pay taxes. You may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return due to a federally declared disaster area. You may not deduct casualty and theft losses covered by insurance, unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.
Elevate Accounting Solutions are not just Florida natives, but experienced with tax tips for individuals affected by federally declared disaster areas. If you have tax concerns about hurricane season, speak to an individual accountant in St. Petersburg today!