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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 52. Tax help in disastrous times

When a natural catastrophe strikes, the Internal Revenue Service can provide some much-needed relief.

If the disaster hits around a filing deadline, the IRS is understanding. It usually allows you extra time to complete your paperwork.

And regardless of when in the year, or tax-filling cycle, you encounter an unexpected loss, you might be able to get back some tax money, possibly within weeks of the disaster, to help you make repairs.

What counts as a casualty—Because of the attention that major natural disasters receive, we tend to think that it is only in those extreme cases that federal aid is available. However, the tax code can come to the rescue when you experience a smaller, but no less ...

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