Advice: Don’t think these are just Gulf-region tax breaks. Even if you don’t live in the disaster area, you still may be entitled to claim special deductions when you file your corporate 2005 return. What’s more, some of the new law provisions extend into 2006 and beyond.
Here’s a quick rundown on the key tax provisions for business owners:
Qualified employers in the Katrina area can claim a 40 percent tax credit of up to $6,000 in wages paid to employees between Aug. 28 and Dec. 31, 2005. Qualified employers in the Rita disaster area can claim the credit for wages paid between Sept. 24 and Dec. 31, 2005. And in the Wilma ... credits.(register to read more)