11/27/2023 0 Comments Amazon turbotax home and business 2016![]() ![]() If a catastrophic event destroyed or damaged your home, belongings or motor vehicles, you can claim a disaster loss on your taxes. This will ensure that you're maximizing your relief options, applying deductions to the correct tax year and taking advantage of state-specific tax-relief options.Ĭonsider claiming disaster losses. If this sounds daunting, consider bringing on a licensed tax professional, such as an enrolled agent, who must pass a special licensing exam and meet other qualifications. The rules are complicated, many of them are new, and you may need to amend a previous year's tax return. "We've always had disaster tax relief stuff, but they just sweetened it up," says Vicki Mulak, an enrolled agent, certified financial planner and owner of American Financial and Tax in Tustin, California.įor filers in qualified disaster areas who are hoping to cash in on some of these tax benefits, filing taxes this year will likely be more complex than usual, experts say. These bills expand and change some of the rules for tax filers in presidentially declared disaster areas. Soon after, the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 offered relief to additional disaster victims, including survivors of the California wildfires. In September, President Donald Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017, which expanded tax relief for eligible victims of Hurricane Harvey, Tropical Storm Harvey and hurricanes Irma and Maria. For those filing taxes, there are resources available to lower their tax bills, help them score a larger tax refund or give them the opportunity to recoup some losses. The good news is that the government has prepared for the fact that victims of recent natural disasters will have property losses to claim and may need access to fast cash and other financial relief. In California, wildfires burnt homes, cars and personal belongings.įor the survivors of these natural disasters, rebuilding lives and finances will be costly and time-consuming. Soon after, Hurricane Maria hit Puerto Rico and the U.S. Virgin Islands, leaving costly damage in its wake. Hurricane Irma rolled through Florida, Georgia, Puerto Rico, South Carolina and the U.S. ![]() ![]() In the late summer, Hurricane Harvey ravaged parts of Texas, Louisiana, Mississippi and Tennessee. When it comes to natural disasters, 2017 was a year for the history books. ![]()
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