Did you know that you may be eligible for a Disaster Loss Deduction on your previous year tax return if you have been affected by the Hawaii wildfires? This deduction can significantly reduce your tax liability and provide some much-needed financial assistance as you work to recover from the wildfires.
Here’s what you need to know about the Disaster Loss Deduction:
- Who is Eligible: Individuals who have suffered losses to their home, personal property, or business due to the wildfires in Hawaii.
- What You Can Deduct: You can deduct the uncompensated loss you sustained during the wildfire event. This includes damage to your home, and personal belongings, and losses related to your business.
- When You Can Deduct: You can deduct the loss either on your 2022 tax return (the year preceding the disaster) or on your 2023 tax return. If you choose to claim the deduction on your 2022 tax return and you have already filed it, you can amend your return by Oct 15, 2024 to include the deduction. Yes, this can result in a tax refund.
How We Can Help:
- Claim disaster losses on your tax return by completing the relevant IRS tax forms
- Help you amend the 2022 tax returns to include the deductions.
- Calculate quarterly or estimated taxes for both individuals and businesses
- Analyze your specific situation to make sure you don’t miss out on any deductions
Simply contact us below if you are interested in finding out more.
George Dimov CPA
(833) 829-1120 toll free
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