Tax Power U.S. Tax & Business Advisory Services and Solutions

     

 

Andy Powers-A Professional who cares..About YOU!

           

 

 

 

 

Hurricane Sandy Tax Relief...also Register Early to Get Hurricane Sandy FEMA Aid

My heartfelt prayers go to those who's loved ones lost their lives during this horrific storm, Sandy. Others have sustained substantial losses of property, including untold thousands of dollars in food spoilage. Many losses need to be submitted to your home insurance company as soon as possible as they are overwhelmed with claims.

 With many counties within New York and New Jersey (with other regions expected) declared official emergency disaster, there may be immediate tax relief. As a local tax professional in Mahopac, N.Y. I am available to provide tax return assistance for those who qualify and to inform you you may be able to file for tax relief immediately that rather than wait until you file your 2012 income tax return to deduct your casualty losses caused by Hurricane Sandy and may be able to claim an immediate tax refund with the IRS and NYS. In order to do this you should file federal Form 1040-X and NYS Form IT-201-X and write on the top of the Form "Casualty Loss from Hurricane Sandy" in order that the IRS and we hope that NYS will expedite your refund claim. Include with the amended tax return IRS Form 4684 "Casualty and Thefts" on which you will calculate your loss. Include a complete copy of the IRS Forms 1040-X and 4684 with your NYS Form IT-201-X.

 Note there are certain exceptions. First, this disaster relief benefit from amended the prior year tax return for the loss incurred this year only applies to situations that occur in a declared emergency disaster zone and are due to this sudden, unusual and unexpected event. Also, the general rules regarding casualty losses apply. These include a $100 "deductible" that is subtracted from the loss. Then the actual deduction is limited to that amount that is greater than 10% of your adjusted gross income. This is the amount you arrive at when preparing page 1 of your federal Form 1040, before itemized deductions or personal exemptions. If you claimed the standard deduction and the amount carried from Form 4694 to Schedule A results in the total of Schedule A being greater than your standard deduction you can increase your deduction for the difference.

As news develops regarding extending tax returns that are due today, including IRS and NYS Employment Tax Returns, NYS MT-903 Highway Use Tax Returns, etc. this website will be updated.

Register to Get Hurricane Sandy FEMA Aid

According to FEMA, Residents, businesses, non-profits, cities and towns that are declared a federal disaster area from damages wrought by Hurricane Sandy must register FIRST with the Federal Emergency Management Agency (“FEMA” before they can seek federal disaster aid.

To register by phone, call 1-800-621-FEMA (3362). The TTY line for people with speech or hearing disabilities is 1-800-462-7585. The line is open from 7:00 a.m. to 10:00 p.m., daily.

To register online, applications can be completed at www.disasterassistance.gov.

It is critical to note that you must register with FEMA to begin the process of accessing possible federal assistance. As FEMA continues its assessment of the damages resulting from Hurricane Sandy, new disaster areas will be added to the list.

If residents have disaster assistance questions, they can call the FEMA Helpline at 1-800-621-3362.

In the coming days, state officials and FEMA will be conducting damage assessments to determine what additional locations are eligible for assistance. Residents and businesses in the non-declared counties  should contact their local officials to report damage and seek further advice and/or assistance.

Most importantly stay safe and follow emergency preparedness guidelines and instructions.

 If you need assistance as regards filing tax returns to deduct qualifying casualty losses please contact me and I will be happy to assist you.

Andy Powers

Copyright © 1999-2013 IRS CIRCULAR 230 NOTICE:  To ensure compliance with recently enacted U.S. Treasury Department regulations, we hereby advise you that any and all tax information contained in this website should not be considered as tax advice nor intended for the use of any taxpayer for the purpose of evading or avoiding tax penalties that may be imposed pursuant to U.S. law. Furthermore, the use of any tax information contained in this communication has neither been written nor intended for the purpose of promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, and such taxpayer should seek advice on the taxpayer’s particular circumstances from an independent tax advisor. The information contained throughout this web site is provided without charge, and although all efforts have been made to ensure the reliability of the information contained in this internet web site, the information contained herein should be used for general understanding only and should not be relied upon exclusively as the basis of any tax or financial decisions or for any positions taken on any tax return. Advice should only be obtained directly through the retention of a competent tax advisor. Tax Power is an established trademark of Powers & Company, Inc. and Powers Tax Services since 1999. Unauthorized use of the phrase Tax Power without expressed permission of Powers & Company, Inc. will be prosecuted to the fullest extent of the law. Last modified: January 10, 2014 The articles, guides and published information contained in this website is protected by U.S. copyright laws and cannot be reproduced in any form without the expressed permission.

       Visitors since January 1, 2010   Hit Counter