Living in California can place you at risk for different types of disasters. Whether it is wildfire damage, earthquakes, or flooding, it’s important to know what to do after a disaster. Are you prepared for what comes next?
Here’s What You Need to Know
You can receive taxpayer disaster relief in California after a disaster. However, before tax relief can be authorized, a major disaster declaration needs to be issued by the Federal Emergency Management Agency (FEMA). The following are available to victims of a disaster:
Additional Time for Filing Taxes
Typically, if you reside in an area where you qualify for disaster tax relief, you will receive more time to file your tax returns and pay any IRS fees required.
Also, You may receive a casualty loss tax deduction if you have property that was lost or damaged due to a federally declared disaster. To receive this, you will need to claim the damaged or lost property on your prior or current year tax return. You can get more information by visiting the IRS’s website. Keep in mind that if you need to relocate, you will need to notify the IRS that your address has changed, even if temporarily.
Own a Business?
If so, you can reach out to the Small Business Administration for a disaster loan or grant. You must have filed all required tax returns to qualify. The financial help is available for business owners, homeowners, and renters.
Can’t find a copy of your tax returns? Request one online or via mail. Remember, the IRS will waive any fees and/or expedited processing requests for people applying for disaster benefits. Also, it is important to mark the appropriate form(s) that your request is disaster related. Don’t forget to include what type of disaster (fire, earthquake, etc.) you’ve experienced.
Looking For More Information?
Please review the available federal disaster relief by visiting the Disaster Assistance website or the IRS’s Frequently Asked Questions for disaster victims. Have any other questions about debt or taxes? Contact our office!
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like you to get to know us. We want you to be sure that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.