Summary notes:
Casualty losses can actually be deducted from income tax, but how it depends on the specific situation and the circumstances of the loss. A casualty loss can include any damage or theft of a business’s property, such as a tornado, car accident, or theft.
It’s important to keep detailed records of losses in order to qualify for deduction. What’s also important is to pay close attention to all the tax implications of the losses and factor those losses into your overall business financial plan. .
Methods for handling casualty losses in a business, such as setting up a separate line in the business' accounting record and ensuring the business has proper insurance coverage to cover any losses incurred. It is important to work with an insurance agent every year to make sure the business has the necessary coverage for any potential disasters that could occur, such as floods, tornadoes, hurricanes, or fires.
Timestamps
0:01:07 Understanding Casualty Losses in Light of Recent Natural Disasters and Their Deductibility
0:03:40 Discussion on Casualty Losses and Insurance Coverage for Businesses
0:06:23 Working with a CFO and Insurance Advisor to Ensure Proper Coverage
Powered by Stone Hill Wealth Management
https://stonehillwealthmanagement.com/
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Four Ways to Improve the Value of Your Business
Building Wealth Through Positive Attitudes and Global Diversification
Protecting Your Business from Cyberattacks: Impact on Value and Reputation
Bitcoin’s Unique Properties Make it a Strong Store of Value
Building Wealth Without Sacrifice: Changing Your Mindset and Priorities
2024 Budget Considerations for Business Owners
Financial Planning 101: Rewiring Attitudes for Wealth Building Success
401k and Cash Balance Plans
Reshaping Thoughts on Money: Overcoming Limiting Beliefs to Build Wealth
Tax Loss Harvesting
Mind Over Money: Money Is NOT the Root of All Evil
4th Quarter Tax Planning
Mind Over Money, There Is No Reward Without Risk
DFW Real Estate Market: Strategies for Success in a Changing Landscape
Ways to Fund Business Growth
Mind over Money: Flood your Mind with Thoughts of Abundance
Managing Business Cash-Flow with Alison Reiff-Martin CPA
Mind Over Money: Willpower is overrated
Ideas for catching up on building retirement savings
The Benefits of Having Key Performance Indicators in Business
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast