Randy Eschels photo

Randy Eschels, CLU, ChFC, CFP®

 

Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009

 

Phone:  248-644-1144

             800-969-9990

Fax:      248-644-7820 

 

Email: randy@eschelsfinancial.net

Website: www.efg-ida.com

May/June 2020

Tax Help after Disasters

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 by mail or online at www.irs.gov. 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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Investment Advisor Services offered through Investment Advisors, a Registered Investment Advisor and a division of ProEquities, Inc. Securities offered through ProEquities, Inc., a Registered Broker-Dealer, Member FINRA & SIPC. Eschels Financial Group, Inc. is independent of ProEquities, Inc. Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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