10/08/2024
To our community:
Glad to hear most of you are safe.
We went from celebrating a great year to dealing with one of the worse natural disasters in US history.
Some of you have substantial damage and are in the process of making insurance claims, filing with FEMA, the County, and SBA Disaster Assistance.
I will provide a series of alerts based on important information as it comes available. For now, remember these strategies:
TAX TIP
Any damages not covered by insurance can be written off as an itemized deduction. Since it is a Federally Declared Disaster, there is no requirement to back out 10% of your adjusted gross income - meaning a more substantial write-off.
ACTION: Make sure to take plenty of pictures. Have proper paperwork for expenses made, similar to your insurance claim. For example, have checks, invoices, estimates, and receipts. You will need these to calculate and back up your claims for the tax deduction.
FINANCIAL TIP
Apply for SBA Disaster relief. They offer business and personal loans at favorable terms and rates. Need congress to approve but even the government realizes at this point that there is only so much money they can give away (grants and assistance). They would rather lend it. While most people will wait for the Insurance and FEMA support, the loans can provide cash for making strategic & timely decisions.
ACTION: Apply online: Disaster assistance | U.S. Small Business Administration (sba.gov)
We are so busy as it is with services we normally provide. So take as much personal initiative as possible. If you hit a wall and need all the data personalized, please schedule a meeting at your convenience:
https://calendly.com/gil-89/meeting-1
With prayers and thoughts for you all !
Gil Abernathy