Dear Valued Clients,
Our heart goes out to everyone affected by the devastation of Hurricane Harvey and realize that many of you are still dealing with the aftermath. As a Houston based company which has our roots tied to this great metropolitan area; we offer the information below along with our services at no cost to you as our clients:
- The Internal Revenue Service (IRS) has announced significant tax relief for victims of Hurricane Harvey. Those in Texas who have been affected by the storm have until January 31, 2018, to file certain individual & business tax returns and make certain tax payments. This includes an additional filing extension for taxpayers with valid extensions through October 16, & businesses with extensions through 09/15.
- Business or individuals with quarterly tax and payroll taxes due Aug 23rd or later will also be granted an extension on payments along with filing.
- You can only deduct charitable contributions if you itemize deductions on Form 1040, Schedule A (PDF), Itemized Deductions. See Link below: https://www.irs.gov/taxtopics/tc506.html
- Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A (PDF), Itemized Deductions, (or Schedule A in Form 1040NR (PDF), if you're a nonresident alien). For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year. Report casualty and theft losses on Form 4684 (PDF), Casualties and Thefts. Use Section A for personal-use property and Section B for business or income-producing property. If personal-use property was damaged, destroyed or stolen, you may wish to refer to Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property). For losses involving business-use property, refer to Publication 584-B (PDF), Business Casualty, Disaster, and Theft Loss Workbook. These workbooks are helpful in claiming the losses on Form 4684; keep them with your tax records.
- Claiming a loss from Hurricane Harvey-natural disaster can be taken next year on 2017 tax return or an amendment can filed for 2016 tax return which will help recoup some money during these times.
Continuing our efforts to support our communities:
- Office hours will be Tues-Thurs 11am-5 at location (to be announced) for next 30 days as we are also dealing with personnel and office flood issues but want to ensure we are available for our clients.
- We will file your amendment for 2016 tax return ref claiming a loss from natural disaster-Hurricane Harvey at no cost.
- Provide you with W2’s along copies of tax returns via in person or PDF-electronically emailed within 48 hrs of request.
- Assistance with FEMA Application
- Our team stand ready with manpower, time, and resources for any of our clients or friends/family of our clients that are continuing to deal with the aftermath of Hurricane Harvey. Please share the situation with us and our Recovery Team will review and assist if possible.
- We would also extend free tax filing and amendments being completed to claim Hurricane Harvey-Disaster Loss for 2016 tax return for anyone within the Houston Metropolitan Community.
We have reached out to our wonderful clients with backgrounds that may be of assistance in construction, restoration, realtors, & insurance agency owners that we can refer you to at your request.
Hung Nguyen
President- Harn Financial Group
