Speed up relief for disaster losses

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in Small Business Tax,Small Business Tax Deduction Strategies

If your personal property is damaged early in the year, you may be able to obtain fast tax relief. Tax law permits you to deduct 2008 losses in a federally declared disaster area on the 2007 return. If you’ve already filed, amend your ’07 return.

Reminder: You can deduct personal casualty losses only to the extent they exceed 10% of your AGI (after subtracting $100 per casualty).

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