When Casualty Losses Occur, You Need to Be Prepared
By Taxation Solutions, Inc. on 2016-06-03
Taxation Solutions, Inc. is pleased to assist clients who come to us for help with deducting casualty losses. But after hearing harrowing accounts of weather extremes, we’re also interested in encouraging homeowners to prepare for destructive weather situations.
With summer here, now is a great time to replenish your household's emergency supplies. In the event your neighborhood is hit by hurricane-force winds, widespread flooding, downed power lines, or another crisis scenario, we want you to be ready with much more than just the basics. The better you stock up on items you might need, the better off you’ll be when an emergency strikes.
We’ve compiled a checklist of supplies you'll want to have on hand for disaster preparation:
- Baby supplies
- Blankets or sleeping bags
- Cash and change
- Essential medications and extra eyeglasses
- Fire extinguisher and first aid kit
- Pet supplies
- Food and can opener (non-electric)
- Disposable plates/utensils/cups
- Portable radio and flashlight (with spare batteries)
- Water and water purification kit
- Sanitation supplies (soap, bleach, trash bags, toilet paper, toothpaste, etc.)
- Tools for safety and repairs (wrench, shovel, duct tape, plastic sheeting, heavy gloves, etc.)
This list is by no means comprehensive, so make sure you think through your family's specific needs as you put together an emergency kit for your household. Unfortunately, it can take a while for emergency responders to reach you in the aftermath of a major storm. That’s why you need to have enough supplies on hand to last at least 72 hours.
And when the storm is over, Taxation Solutions, Inc. will be right here to help you deal with any casualty losses and other tax ramifications the damage left behind. Until then, use our list as you gear up for the worst. We have you and all of your tax concerns covered—summer, spring, winter, and fall!