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Joe Diamond, CPA, CFP®, EA, MST

 

Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004

 

Phone: 847-884-8500 

 

Email: customerservice@diamondfinancial.com

Website: www.diamondfinancial.com

May/June 2020

Tax Help after Disasters

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When natural disasters disrupt our lives, the last thing we think about is our taxes. While you’ll still have to pay taxes and file tax forms, the IRS and many jurisdictions offer some assistance during these trying times.


Reconstruct Records.
When a natural disaster destroys your federal tax records, the IRS has a number of ways to help you reconstruct them. Request help online at www.irs.gov or by mail. Be prepared to give identifying information, including your social security number, date of birth and mailing address from your latest tax return.


Check for Help.
When the federal government issues a disaster declaration, the IRS generally offers extra time to file and pay taxes, and waives late filing and payment penalties. If you inadvertently receive a notice for late filing or payment during the grace period, call the IRS number on your notice to rectify the matter.


Plan Ahead.
While no one wants to incur a loss due to a natural disaster, individual and business taxpayers may receive tax deductions for allowable losses. IRS publications 584 and 584-B are workbooks that can help identify and calculate casualty, disaster and theft losses to reduce your taxes. Consult your tax professional for help.


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Advisory Services offered through Diamond Financial Corporation, Registered Investment Advisor. Custodial Services provided by TD Ameritrade. Member FINRA/SIPC/MSRB.
Tax Preparation provided by Diamond Financial Corporation.
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