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5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
May/June 2020
Tax Help after Disasters
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.CONTACT US
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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
For additional information on services, disclosures, fees, and conflicts of interest, please visit www.vanderbiltfg.com/disclosures
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