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Speed up disaster relief

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in Small Business Tax,Small Business Tax Deduction Strategies

If you live in a federally designated disaster area like the one hit by Hurricane Sandy, you don’t have to wait until you file your 2012 tax return to obtain tax relief. Instead, you can file an amended 2011 return to claim a casualty loss deduction. Caveat: The normal rules limiting casualty loss deductions, including the 10%-of-AGI threshold and the $100 reduction-per-event, still apply. For a complete list of federally designated disaster areas, go to www.fema.gov/disasters.

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