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Move fast if disaster strikes

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in Small Business Tax

If you own property damaged in a federal disaster area this year, you don’t have to wait to file your 2009 return for tax relief. You can deduct a casualty loss on the federal tax return you’ll soon be filing for the 2008 tax year.

What’s more, under the new bailout law, you can deduct a disaster-area loss without regard to the usual 10%-of-AGI limit for losses after 2007 and before 2010.

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