In the latest installment of Talkin' Tax, Cary and Angie Bryson discuss Hurricane Ida's impact on the state of Louisiana, as well as the impact this will have on taxes.
When a natural disaster befalls upon us, the last thing we're thinking about is how the IRS will respond to the situation. In many instance, families are recovering from the loss of their home, personal property, or even loved ones in the most tragic of circumstances. Rarely is someone thinking about taxes when these tragedies strike, but it's important to understand that disaster options do exist with the IRS.
Listen as Cary and Angie highlight a list of strategies you can use to relieve some of your tax burden when natural disasters hit. Additionally, they share helpful information on tax deadlines and how they've shifted in response to the recent hurricane.
If you're a resident of Louisiana, you don't want to miss out on this very informative conversation!
Timecodes:
0:24 - Overview on the topic of the day
1:48 - The fallout of Hurricane Ida across the area
3:58 - The various disaster options that exist with the IRS
9:05 - The FEMA Disaster grants and loans that exist
13:30 - The typical questions and conversations with clients that the Brysons have been having lately
18:55 - Tax strategies that can help people stay ahead of similar situations down the road
22:37 - What employers can be doing to prepare for a disaster like Hurricane Ida
25:36 - A walkthrough on the different types of "losses" and how they are classified
29:07 - Times are tough, but options and strategies exist to help alleviate your circumstance
34:00 - Closing remarks
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