Congress passed some bi-partisan tax relief recently – things of which you may be able to take advantage:
- Casualty losses deductible for more than $500 are more readily deductible, and can be taken against your 2016 or 2017 income – i.e. use it against the highest rate
- Up to $2,400 tax credit (even better than a special deduction) of wages paid to workers unable to come to work when the business was closed (“rendered inoperable”) due to the hurricane
- 50% limit on individual contributions and corporate 10% limit of taxable income suspended
- 10% penalty on retirement plan withdrawals is waived
- Up to $100,000 can be borrowed from retirement plans
And more. If you were impacted by one of the hurricanes and took some sort of special action, be sure and call us to discuss how this may apply to your situation.