logo
g Text Version
Beauty & Self
Books & Music
Career
Computers
Education
Family
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
Money
News & Politics
Relationships
Religion & Spirituality
Sports
Travel & Culture
TV & Movies

dailyclick
Bored? Games!
Nutrition
Postcards
Take a Quiz
Rate My Photo

new
Action Movies
Bible Basics
Houseplants
Romance Movies
Creativity
Family Travel
Southwest USA


dailyclick
All times in EST

Autism Spectrum Disorders: 4:00 PM

Full Schedule
g
g Taxes Site

BellaOnline's Taxes Editor

g

California Wildfire Tax Relief

Guest Author - Kate Woods

I like to sprinkle my articles with humor as much as possible but there’s nothing humorous in disaster and devastation; and while disaster movies can be entertaining, real life disasters such as the California Wildfire disaster is anything but entertaining. The victims in the California presidential disaster area will have a long road ahead of them to reassemble their lives and they will probably carry the heartbreak with them forever.

Affected taxpayers have options regarding claiming for casualty loss related refunds. While they deal with all of the many tasks at hand they may overlook the fact that if they own property in the area declared a presidential disaster area by President Bush they can file an amended 2006 tax return or they can take the loss on their 2007 return. According to the IRS they may claim uninsured or unreimbursed disaster losses by filing an amended 2006 tax return and thereby receive an earlier refund when it may be most needed. Of course, they also have the option of waiting and filing the loss on their 2007 tax return. Both individuals and businesses are eligible for this treatment of handling a casualty loss by electing IRS Code Section 165 (i) treatment which applies to a disaster in an area declared by the President as a major disaster or emergency.

The IRS is supposed to expedite the processing of amended returns filed for disaster casualty losses. The return should be clearly notated with the appropriate disaster information such as CA Wildfires. The turnaround time for processing the returns is generally 60 days.

If you are a victim of the CA Wildfires and you think this might be an option you are interested in you should contact the IRS for additional information and instructions as needed or consult with a tax professional. My heartfelt thoughts and prayers are with you. If you know someone who is a victim and you are reading this I urge you to make them aware of this option. Often in the aftermath of such an overwhelming disaster important helpful information slips through the cracks and people miss out on much needed assistance that can make a dramatic difference in their ultimate recovery.


I hope you're enjoying Tax Facts on the Taxing Subject of Taxes!



Any U.S. tax advice contained in this electronic communication was not intended or written to be used, nor can be used, by any recipient of this communication for the purpose of avoiding penalties that might be imposed pursuant to the Internal Revenue Code or U.S. Treasury Regulations, or any other state or local law or regulation.

Content of this site is not intended to replace professional consultation.



This site needs an editor - click to learn more!

Add California+Wildfire+Tax+Relief to Twitter Add California+Wildfire+Tax+Relief to Facebook Add California+Wildfire+Tax+Relief to MySpace Add California+Wildfire+Tax+Relief to Del.icio.us Digg California+Wildfire+Tax+Relief Add California+Wildfire+Tax+Relief to Yahoo My Web Add California+Wildfire+Tax+Relief to Google Bookmarks Add California+Wildfire+Tax+Relief to Stumbleupon Add California+Wildfire+Tax+Relief to Reddit




Subscribe to Bellaonline Taxes Newsletter
RSS
Related Articles
Editor's Picks Articles
Top Ten Articles
Previous Features
Site Map


For FREE email updates, subscribe to the Taxes Newsletter


Past Issues


print
Printer Friendly
bookmark
Bookmark
tell friend
Tell a Friend
forum
Forum
email
Email Editor


Content copyright © 2014 by Kate Woods. All rights reserved.
This content was written by Kate Woods. If you wish to use this content in any manner, you need written permission. Contact BellaOnline Administration for details.

g


g features
The Taxing Subject of Taxes

Requesting an Extension of Time To Pay Your Taxes

Why We Pay Income Taxes

Archives | Site Map

forum
Forum
email
Contact

Past Issues
memberscenter


vote
Poetry
Daily
Weekly
Monthly
Less than Monthly



BellaOnline on Facebook
g


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2014 Minerva WebWorks LLC. All rights reserved.


BellaOnline Editor