Recent Storm Damage Posts

3 Tips for Deducting Commercial Storm Damage On Your Taxes

11/1/2018 (Permalink)

Storm Damage 3 Tips for Deducting Commercial Storm Damage On Your Taxes It is important to know what deductions can be helpful when you have damage to your business.

Property owners can deduct commercial storm damage on taxes for damage and losses directly caused by adverse weather.

Deducting damage can help to compensate owners for losses that are not covered by insurance. Owners cannot deduct  damage resulting from storms if the property is insured but you do not file a claim.

  1. Report losses caused by storm damage under casualty loss. This type of loss describes items damaged or lost due to accidents, theft, or acts of nature. This tax deduction is based on the value of the property not covered business insurance policies and additional endorsements or riders. Keep in mind that only losses due to primary damage are tax deductible, not secondary damage or progressive deterioration.
  2. Business losses are not subject to the same requirements as personal losses. Individual itemizers need to reduce the amount of the loss by $100 and deduct the balance to the extent that it exceeds 10% of their adjusted gross income. When it comes to losses involving commercial property, non-itemizers can also claim losses.
  3. Check to see if your region is a presidentially-declared disaster area. Unique filing opportunities are available to business owners in disaster areas. You may be able to deduct casualty losses on the current or past year's tax return to save the most money. Amend the tax return for the last year or factor in these losses in your next return.

Look over the list of declared disaster areas to see if Renton, Washington is listed. This may provide you greater flexibility in deducting storm damage. Refer to IRS publication 547 on Casualties, Disasters, and Thefts for guidelines on tax deductible types of damage and how to write off losses resulting from storms or natural disasters. Between your insurance and any deductions you obtain, you should be able to offset the cost of commercial damage restoration services.

Storm Damage

10/6/2016 (Permalink)

Storm Damage Storm Damage After a major storm trees intrude home. Don't worry just call SERVPRO of Renton to help cleanup and take care of your personal items.

Hurricane Matthew struck Haiti very hard and now is making its way to Florida, North and South Carolina, and Georgia. The governors in these areas have declared states of emergency and demanded everyone in evacuation zones leave at once before the deadly storm strikes. The extreme winds of a major hurricanes and storms can do a lot of damage. Hurricane Matthew’s winds are 140mph and destroying anything in its path.

 

Storm damage is not a joke. In the PNW we don’t see a lot of major storms; but when we do SERVPRO of Renton is right there to help you. When dealing with storm damage immediate action is very crucial for your home or building. SERVPRO of Renton is part of a national network of over 1,650 Franchises with special Disaster Recovery Teams set in place throughout the country in times of large scale disasters. Here are some tips on what you can do:

Pre-storm:

  • Look for potential hazards on your property
  • Trees
  • Branches leaning over 45 degrees over your roof
  • Anything close to utility lines
  • Check your gutters, remove debris to prevent water damage

During the storm:

  • Follow all guidelines for evacuations
  • Don’t hesitate to get help
  • Stock up on non-perishable foods, drinks (water and drinks with electrolytes), gas, batteries, etc.
  • Prepare in advance

After the storm:

  • Stay clear from all utility lines, trees, hanging branches, unsecure areas
  • Evaluate what you can and can’t handle for cleanup
  • Call SERVPRO of Renton for cleanup and emergency services

Let us be faster than any disaster and call SERVPRO of Renton when catastrophe strikes.