Hurricane Katrina - How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes.

Apply Losses to 2004 Taxes

When a large geographic area suffers a disaster, the President can declare it a federal disaster area. President Bush has made such a declaration for the Gulf Coast area.

While you've probably heard such declarations occur over the years, I doubt it means much to you. The declaration, however, has major implications for recovery efforts. Initially, the declaration of a federal disaster area means the federal government is going to provide disaster relief loans, special grants that don't have to be repaid, unemployment benefits and a variety of other assistance. It also signifies a major tax break for impacted businesses.

When a business suffers a loss, the deduction must typically be made in the year the loss occurred. With Hurricane Katrina, the deduction would typically occur when you file taxes in 2006. The problem, of course, is 2006 is a very long time from now if your business is destroyed. You will find this hard to believe, but the IRS is here to help.

The IRS is going to give you cash. Under current tax law, you may make a special election to deduct your business losses caused by Katrina on your 2004 taxes. By doing this, you do not have to wait till 2006 to get a tax refund. You don't have to do this, but it may be the key to getting necessary cash.

To make the special election, you must claim it on your 2004 taxes. If you have already filed taxes for 2004, you can file an amended tax return claiming the deduction.

In Closing

Using this tax strategy can help generate badly needed cash. Make sure you pursue the strategy with the help of your tax professional. If all your records are destroyed, you can order copies of past tax returns from the IRS.

Richard Chapo is with http://www.businesstaxrecovery.com - recovering overpaid taxes for small businesses. Visit our article page - http://www.businesstaxrecovery.com/articles - to read more tax articles.

MORE RESOURCES:

Questions Linger About Palin Taxes - New York Times

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Standing Still and Falling Behind - National Review Online

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Tax Foundation: Ohio among 10 worst for business taxes - Bizjournals.com

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McCain: I#39;m Not Raising Taxes. I#39;m Cutting Medicare! - The Plank on TNR.com

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/4i-0fd=Rurl=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/04/AR2008100400566.htmlcid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNGLzTT_f8GoQ2PHgGaZslIoboWmggimg src=http://news.google.com/news?imgefp=spPfgi0uyDIJimgurl=media3.washingtonpost.com/wp-dyn/content/photo/2008/10/04/PH2008100400568.jpg width=80 height=57 alt= border=1brfont size=-2Washington Post/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/4-0fd=Rurl=http://blogs.tnr.com/tnr/blogs/the_plank/archive/2008/10/06/mccain-i-m-not-raising-taxes-i-m-cutting-medicare.aspxcid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNFmc1lF_U1mQ53Eem-YNY3OpOIWBwMcCain: I#39;m Not Raising bTaxes/b. I#39;m Cutting Medicare!/abrfont size=-1font color=#6f6f6fThe Plank on TNR.com,nbsp;DCnbsp;-/font nobr7 hours ago/nobr/fontbrfont size=-1Barack Obama says John McCain would raise people#39;s btaxes/b by changing the way the IRS looks at health insurance. McCain says he wouldn#39;t. b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/4-1fd=Rurl=http://www.kaisernetwork.org/daily_reports/rep_index.cfm%3FDR_ID%3D54846cid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNGGmvv7zjbLtKUYKSADR_zoILdcxAObama Criticizes McCain#39;s Health Care Proposal, Saying It Will b.../b/a font size=-1 color=#6f6f6fnobrKaiser network.org/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/4-2fd=Rurl=http://www.galen.org/component,8/action,show_content/id,68/category_id,0/blog_id,1095/type,33/cid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNF58VsmDktz6ISf-flqH3yyOLaMHwMcCain, Health Insurance and bTaxes/b/a font size=-1 color=#6f6f6fnobrGalen Institute/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/4-3fd=Rurl=http://www.casavaria.com/cafesentido/2008/10/06/633/mccains-healthcare-plan-taxes-employee-benefits-aims-to-force-individuals-onto-open-market/cid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNEaCGKIAdXedD6amIvqO0kFu2518QMcCain’s Healthcare Plan bTaxes/b Employee Benefits, Aims to Force b.../b/a font size=-1 color=#6f6f6fnobrcasavaria sentido/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/4-4fd=Rurl=http://www.boston.com/news/politics/politicalintelligence/2008/10/obama_mccain_tu.htmlcid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNGLn5tLs-wzz92hvU3MIxXKjogM_gnobrBoston Globe/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/4-5fd=Rurl=http://www.politicalaffairs.net/article/articleview/7521/cid=1252219486ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNHt8T0e1c-zQk2c_UI3_ee-OHu7zwnobrPolitical Affairs Magazine/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1252219486hl=ennobrall 930 news articles/nobr/a/font/div/font/td/tr/table

Looking for low taxes in retirement? Avoid New Jersey - Boston Globe

Republicans: Elect GOP and limit property taxes - Chicago Tribune

Polls show Obama in lead as debate turns to taxes, economy - Bizjournals.com

Mauritians Turn to the Internet to Pay Taxes - PC World

The McCain Comeback Plan: Taxes, Crime, Associations And Real Reform - Atlantic Online

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/9i-0fd=Rurl=http://www.nytimes.com/2008/10/06/opinion/06kristol.html%3Fhpcid=1254888673ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNH3hRxYfkQ2pklkEyQPLKJhbzxy4wimg src=http://news.google.com/news?imgefp=-r8O8OSl8egJimgurl=graphics8.nytimes.com/images/2008/03/12/opinion/kristol-190a.jpg width=58 height=80 alt= border=1brfont size=-2New York Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/9-0fd=Rurl=http://marcambinder.theatlantic.com/archives/2008/10/the_mccain_comeback_plan_taxes.phpcid=1254888673ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNFrKj1AAfosSYMNLxnqSvXb1cj2KQThe McCain Comeback Plan: bTaxes/b, Crime, Associations And Real Reform/abrfont size=-1font color=#6f6f6fAtlantic Onlinenbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1bTax/b issues -- his votes to quot;raisequot; btaxes/b 94 times, etc. quot;We#39;re going to fight back against the false attacks and make clear who has the record of a b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://www.nytimes.com/2008/10/06/opinion/06kristol.html%3Fhpcid=1254888673ei=3YLqSJbaN5PKywSHsdHtBwusg=AFQjCNH3hRxYfkQ2pklkEyQPLKJhbzxy4wOp-Ed Columnist The Wright Stuff/a font size=-1 color=#6f6f6fnobrNew York Times/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254888673hl=ennobrall 23 news articles/nobr/a/font/div/font/td/tr/table

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How to Maximize Your Home Business Tax Deductions for 2005
Someone once said, 'the best way to calculate your taxes is?Honestly'. For 2005, add 'Smartly' to that and you'll get to keep more than you make.

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake
With gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped as much as 80 cents a gallon across the country once Hurricane Katrina destroyed the Gulf Coast and impacted all of our lives.

Alas! In E-Commerce Taxland
In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole,going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions.

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax ["AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS.

Military Reservists, Enlistees May Get Deferral of Back Taxes
Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.The deferral covers active duty members of the military services - Army, Navy, Air Force, Marine Corps and Coast Guard - and commissioned officers of the uniformed services - Public Health Service and the National Oceanic and Atmospheric Administration.

Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!)
We all love to criticize the IRS, don't we? And I'mjust as guilty as anyone. It's easy to ridicule a hugeorganization of government bureaucrats who often seemto be Public Enemy #1.

How To Get An Extension To File Your Business Tax Returns
Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can't imagine getting your tax returns together by that date, you need not worry.

Render Unto Caesar
Once a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1).For individuals: $150(1)(d) ITA, they must do so by April 30 of the following year, provided that they owe any taxes or if they are served with a requirement to file: $150(2) ITA.

Getting A Second Extension to File 2004 Taxes
Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly.

Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites.

Another Tax Loophole
Just image, you are a small manufacturing company, business has been good, but yesterday you received a call from a customer who wants 50,000 widgets in 45 days. The customer is a large account and if you turn the business down, he may never call you again.

Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane
Deducting Your Auto ExpensesAuto deductions are a very complex topic. So, to clarify, we are not going to attempt to cover all of the intricacies of the subject.

Electronic Commerce Taxation and Pakistan
Assume a buyer in Pakistan downloads software from the Internet for a 30-day trial. If he likes the software, he submits his credit card information and receives an authorization code that allows him unrestricted use of the software.

Gambling Income and Expenses - Tax Requirements
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos.

Small Business Tax Deductions for Year End 2004
As a small business owner, it's wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004.Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans).

How Likely Are You To Be Audited?
Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6.

Tax Time Tune Up
Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize.

Send Your Kids To Summer Camp and Write It Off
If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.