Disaster Resilience Tax Guide

Disaster Resilience Tax Guide

Natural disasters like a hurricane or tornado can be unpredictable and frightening. Oftentimes, it can be challenging to anticipate all the ways a disaster could affect you, your business, and your property.
 
Natural disasters can strike quickly, and often without advance warning, which can leave you with little or no time to plan or make important decisions. Afterwards, while you are trying to meet your most basic needs, you may be overwhelmed with outreach and information about all the types of financial resources and assistance available to you. In these moments, while dealing with the potentially devastating aftermath, it may be difficult to understand how these resources will impact your financial wellbeing, including your tax liabilities. This can make it challenging to think through what types of support make the most sense for the long-term financial health of yourself, your family, or business. That’s where this guide comes in. One of the best ways to reduce the amount of stress you may experience after a disaster, is to take measures ahead of time to prepare.
 
This guide will equip you to handle disasters in two ways:
By ensuring you are more informed and better prepared to make financial decisions immediately following a disaster. To do that, this guide will provide you with an understanding of how the government defines a disaster area, the tax implications associated with being located in a disaster area, how the use of different financial resources impact your taxes, and how to protect important documents.
By giving you the tools you will need to file your taxes properly and confidently after receiving disaster assistance. To do that, this guide will give you step-bystep filing instructions using TaxSlayer software for both your personal and business needs.