My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Finance

Natural Disaster Relief

A silver lining, courtesy of Uncle Sam
1 min read
Opinions expressed by Entrepreneur contributors are their own.

If your business is hit by a natural disaster, don't forget to claim a tax deduction for any losses you incur. If your area qualifies for federal assistance, you can claim the deduction on the return for the year of the loss or on the prior year's tax return.

To claim the deduction, you must be able to document the loss. This includes proving you own the lost or damaged property and proving your basis in the property, which is the amount you paid for the property, plus improvements, less depreciation. Any insurance reimbursements should be deducted from the amount of the loss.

Although nothing can replace the business you worked so hard to build, at least these tax deductions offer a bit of a silver lining.

Future Financial Challenges and Opportunities for Small Businesses