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Tax Relief in Disaster Situations
Special tax law provisions may help taxpayers recover financially from the impact of a disaster, especially when the president declares their location to be a major disaster area. To assist with a successful recovery, you will need to have some documentation and records. Below are links to articles to help you prepare prior to a disaster and a link to information updating you on the relief granted for your specific disaster area once the disaster has occurred. For instance, when there is a presidentially declared disaster area, both businesses and individuals can get a faster refund by claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return. Article with IRS suggestions for disaster preparedness IRS article – Reconstructing Your Records Pub 584B – Business Casualty, Disaster and Theft Loss Workbook - contains worksheets to inventory office equipment, business equipment IRS Post Disaster Information
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