Plucking tax deductions from a natural disaster.
Due to the severe weather conditions caused by El Niño, many businesses suffered costly property and casualty losses in recent months. At press time, the number of federally declared disasters in 1998 had already reached 41--compared to 45 for all of 1997. This year is shaping up to be a serious one for disasters, says the Federal Emergency Management Agency's Marc Wolfson.
The government tracks the impact of disaster losses on businesses by the number of disaster loans it makes to business owners. In the first nine months of this fiscal year, the SBA's disaster assistance program approved more than 4,000 business loans, totaling almost $224 million.
Continue reading this article -- and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!
3 months free with code ZENDESK
Presented by zendesk