Prepare your finances for a natural disaster The TurboTax Blog
As part of the new tax law changes passed in late 2017, casualty loss deductions became easier to take form many taxpayers. The change in the law allows for these casualty losses to be deducted even if you take the standard deduction rather than itemizing your deductions as described above. Affected individuals and businesses in areas of Louisiana and Mississippi are getting a helpful leg-up from the IRS. Their deadline to return file and/or submit tax payments has been extended from on or after August 26, 2012 to Jan 11, 2013. The IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. That can…