Getting Back on Your Feet - Storms, Taxes, and You
After suffering storm damage to your Wichita, KS, commercial building, the last thing you want to do is think about taxes. However, taking time to figure out if the amount you spent post-disaster is tax deductible could help you to save money and get you on your way to recovery.
Tip One: Be Prepared
One of the most difficult parts of making a tax claim after a storm is estimating how much the property was worth before the damage was done. There are a couple things you can do to help maintain an accurate estimate:
• Keep receipts of any major purchases for the commercial building.
• Hire an appraiser to estimate the value of the commercial building.
Being prepared and documenting the value of your commercial property before a storm takes place can help you get back to normal much faster after a disaster.
Tip Two: What Is Covered?
One of the first steps to getting back on your feet after a storm is to figure out what losses your insurance covers. Insurance can cover any number of different types of damage to your commercial building:
• Flooding from sudden storms
• Damage from hurricanes or tornadoes
It is important to know what types of storm damage your insurance company covers. If your insurance does cover a specific type of damage, you generally cannot claim money spent as a tax deductible item. However, if your insurance does not cover certain types of damage, then you may be able to claim a deduction.
Tip Three: Call a Professional
Navigating insurance and deductibles can be incredibly complex after a storm, and timing can be critical. Tax laws regarding natural disasters are constantly changing. Hiring a tax advisor and taking advantage of his or her expertise can help you move the recovery process along.
Getting back on your feet after suffering storm damage can be very stressful; however, it is not impossible. With these tips, and professional help from storm reparation experts, you can get your business back up and running in no time. For more information, visit http://www.SERVPROnorthwestwichita.com/.