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How to Write Off a Damaged Inventory in Schedule C

Using this method, you enter the details of the loss on Section B of Form 4684. If you take this route, you must offset the loss by any insurance reimbursements. If you do not receive the ... read more

A Guide To Tax Planning For Victims Of Hurricane Ian And Other Disasters

This election may be made on Form 4684 Casualties and Thefts, section D. This election should be attached to a return or amended return for the preceding year. With respect to the due date for the ... read more

Tax Relief for Hurricane, Wildfire, Flood and Other Natural Disaster Victims

Use IRS Form 4684 to calculate your deductible disaster losses, and then carry the amount over to Schedule A. Check out IRS Publication 547 for more information on calculating and writing off ... read more

Tax Relief for Hurricane Laura: Do You Qualify?

You can file Form 4684, Casualties and Thefts to claim any eligible tax break, which TurboTax can help you determine if you're eligible. You'll need to include the Federal Emergency Management ... read more

9 Tax Breaks You Can Get Due to a Natural Disaster

To do so, you’ll need to fill out Form 4684. You may want to file your return on time to get your refund quicker so you can pay for repairs after a natural disaster. Or you may not have the ... read more

IRS Rules for Stolen Business Property

If the stolen goods are noninventory business property -- such as equipment, furniture or vehicles -- you must report them on IRS Form 4684. The IRS has a special publication, called the "Business ... read more

IRS Announces Florida Tax Relief Following Hurricane Idalia

See Form 4684, Casualties and Thefts for more information. The IRS says affected Florida taxpayers should put the FEMA disaster declaration number, DR-3596-EM, on any return. Individuals residing ... read more

Here's what investors should know for tax season

If it is deemed worthless, then they can write that off." Another potential crypto loss deduction is the Ponzi scheme loss on Form 4684. "If your crypto investment is ruled as a Ponzi scheme ... read more

Newsom, IRS give Californians until October to file tax returns

For more information, consult the Disaster Assistance and Emergency Relief for Individuals and Businesses page on the IRS site and the IRS Instructions for Form 4684. You can deduct your disaster ... read more

Here are the five worst cities to live in this year if you've got pollen allergies

For young children and people who have to take many different allergy medications, immunotherapies in the form of shots and oral drops can help desensitize the immune system to allergens ... read more