Platinum Tax Defenders Shares Tax Relief Tips For When A Natural Disaster Strikes
With hurricane season expected to start next week, and the taxpayers in the Midwest already being affected by deadly tornados, it's crucial for individuals to know their rights and options for Natural Disaster Tax Relief. Platinum Tax Defenders understand that when disaster strikes, it can often take years to recover if recovery is even possible. To help individuals be more prepared in case a disaster strikes, the Platinum team have offered tips for understanding Natural Disaster Tax Relief options.
Who is eligible for Natural Disaster Tax Relief?
The
What are the special allowances for those affected taxpayers?
The
Unrestricted access to retirement accounts
Affected taxpayers can borrow up to
Extended deadline for tax filing
The
Report the previous year's income for Earned Income Tax Credit and Child Tax Credit
Victims of natural disasters may also be allowed to claim the last year's income on their current year taxes to benefit from the Earned Income Tax Credit and Child Tax Credit. That particular provision enabled lower-income families to recoup some of the income lost if they couldn't' work due to a natural disaster.
Casualty Deductions
Individuals whose personal homes suffer damage as a result of a natural disaster are allowed to deduct the amount of damage done. Individuals can only deduct the amount that was not covered by insurance.
Charitable Deductions
For individuals who volunteer or send in supplies to aid victims of natural disasters, they can deduct the actual cost of driving, parking, or shipping as it relates to their volunteering.
Where to get help with Natural Disaster Tax Relief
Because tax rules can be complicated and may vary by area and natural disaster, it's beneficial to consult a tax relief professional when attempting to recover Natural Disaster Tax Relief help. A tax resolution professional can help victims of natural disasters understand their options and help them find the tax relief they need during times of emergency.
About Platinum Tax Defenders
Platinum Tax Defenders, a subsidiary of
If you've suffered from a natural disaster, contact Platinum Tax Defenders for a free consultation today at 1-800-385-6840 or visit our web site at http://platinumtaxdefenders.com/
Read the full story at https://www.prweb.com/releases/platinum_tax_defenders_shares_tax_relief_tips_for_when_a_natural_disaster_strikes/prweb16339083.htm
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