Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions talks about the extensions the IRS has granted for those affected by Hurricane Harvey and reminds they are extensions for filing not paying.
Houston, TX – October 16, 2017 – Barry G. Fowler, CEO of Taxation Solutions, posted a new blog on the company website entitled “Are You Eligible For Tax Benefits For Disaster Casualty Losses,” in which Mr. Fowler provides a brief overview of qualifications.
Fowler writes, “We have had quite a hurricane season so far. U.S. taxpayers in three states and the commonwealth of Puerto Rico are still reeling from the devastating effects and will be for quite some time thanks to Hurricanes Harvey, Irma and Maria.” He adds, “This brings me to the topic of Disaster Casualty Losses, which are eligible for special tax benefits.”
As Fowler defines it, “A disaster loss is a casualty loss that occurs in a geographic area that the President of the United States declares eligible for Federal disaster assistance.” He knows the next question is coming so poses it, “So, what constitutes a Casualty Loss?”
According to Fowler, “A casualty loss is property damage from a sudden, unanticipated event such as earthquakes, fires, hurricanes, tornadoes, floods, and storms. Taxpayers within a federally declared disaster area can choose to claim their loss in the year it occurs or on the previous year’s return.”
“When to take the loss,” Fowler explains, “depends upon several factors including the tax brackets for each year. You’ll want to determine which year will provide the greatest overall tax advantage without wasting other tax benefits. You’ll also want to consider the immediate need for cash. The primary purpose of the disaster casualty loss rules is to allow taxpayers to receive a tax refund without waiting to file their return for the year of the loss.”
The entire blog can be read at http://www.taxationsolutions.net/are-you-eligible-for-tax-benefits-for-disaster-casualty-losses/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.