Tax Debt Relief can help taxpayers in disaster areas!

Tax Debt Relief for Disaster Survivors

disaster tax debt reliefYour house needs serious renovations, you're out of work since your company was torn apart in that hurricane, and you aren't sure how you'll come up with the funds to repair the damages to your family car. Just when you think things couldn't get worse, you realize you are going to owe taxes for this year. All may seem lost, but don't feel defeated! You may qualify for Disaster Tax Debt Relief!

The Disaster Tax Relief Act of 2008

If your tax debt is from 2008 or 2009, you may be able to amend your tax returns to reflect the deductions covered in this act. To get tax debt relief for these years, the two following requirements must pertain to you.

  • You lived in a federally declared disaster area in the Midwest.
  • A major natural disaster during those two years caused property damage.

If you qualify for the tax debt relief covered under this relief act, you can amend your tax return claiming losses of $500 or more as a deduction. If you file business returns, you can deduct cleanup expenses in your amended return. You can also use losses from 2008 and 2009 to offset profits for the five previous tax years.

Tax Deductible Disaster Expenses

What if you didn't fall under the requirements for the Disaster Tax Relief Act of 2008? You can still get tax debt relief with tax deductions for the specific natural disaster you endured for any loss valued at more than $100. While the IRS states that you do not need to itemize your deductions for disaster tax debt relief, make sure you can back up your claims. An amended return is highly scrutinized and you don't want to wind up in trouble with the IRS. Be sure that you include furniture, major appliances and electronics, and jewelry. Houses and vehicles aren't the only property that be counted as a loss in a natural disaster.

Does Disaster Tax Relief Apply to You?

Not every natural disaster will qualify for tax debt relief. However, the IRS keeps a long list of disasters it will provide relief for. Before you make any decisions about whether you should amend a return to claim disaster tax debt relief, check to see if your disaster falls on that list.

If you want to find out if claiming losses from a natural disaster could provide you the tax debt relief you need, consult a professional. Call now or fill out the form below for a free tax debt consultation on what will provide you real tax debt relief! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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