Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions doesn’t want to dampen the spirits of summertime fun but does want taxpayers to know that in the event of a disaster, the IRS allows tax deductions.
Houston, TX – August 3, 2017 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “Tax Tips For Deducting Disaster Related Losses.” Summertime may mean that thoughts of taxes are out of sight and out of mind. However, as Mr. Fowler points out, summertime can be fraught with disaster and damage.
Fowler writes, “Along with the fun of summer also comes the dread of potential natural disasters.” He continues adding, “Summertime is the beginning of hurricane season beginning in June and ending in November. While tornadoes can pop up anytime, there seems to be more occurrences during summer than other times of the year. In some areas of the country, summer is also the rainy season, so flooding can occur.”
According to Fowler, “Damage that occurs as a result of natural disaster, fires, accidents, thefts or vandalism are often tax deductible if the loss is major and not covered by insurance or other reimbursement.” He emphasizes, “It’s important to be aware of the help the IRS provides in the event of a disaster.”
“To that end,” writes Fowler, “I am providing the IRS’s Top 10 Tips taxpayers need to know about deducting casualty losses.” He continues adding, “If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.”
The entire article can be read at http://www.taxationsolutions.net/tax-tips-for-deducting-disaster-related-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, ASTP