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In recent months, there have been many devastating storms, hurricanes, floods and other disasters across the nation. When a catastrophe strikes, you may be able to salvage a tax break. It doesn't matter if the disaster is a tornado, fire, automobile accident or theft. If it qualifies as a casualty loss according to IRS guidelines, there may be help from Uncle Sam. If your region is officially designated as a "presidentially-declared disaster area," you may qualify for fast relief. Find out what is available by reading the "Full Article."
After a turbulent week, Congress finally passed the "bailout" bill on Friday and President Bush quickly signed it into law. In addition to providing assistance to troubled financial institutions, the new law contains numerous tax provisions estimated at being worth more than $150 billion. Here is a quick rundown of some of the tax benefits, as well as a depreciation strategy that some businesses might be able to take advantage of under a law passed earlier this year.
