Tax Law and News Can Your Clients Claim a Natural Disaster Tax Deduction? Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Published Oct 18, 2018 1 min read With wildfire season just behind us and hurricane season upon us, many taxpayers may be wondering if their taxes will be affected by natural disasters. As your clients’ trusted advisor, you can help them understand how they may be impacted, and you can use this information to help educate them. The Tax Cuts and Jobs Act has made some changes to how disasters may affect your clients’ itemized deductions. If your client is in a federally-declared disaster, nothing changes, and they may still get the itemized deduction. However, if your client is in a non-federally-declared disaster, the itemized deduction goes away. It’s important to note, if your clients have gains from insurance proceeds, they can still offset disaster loss. You and your clients can find the latest updates regarding federally-declared disasters from FEMA. If your clients have been impacted Hurricane Michael or Hurricane Florence, visit IRS.gov to find out about deadline extensions for victims. Editor’s note: Read tips from the IRS about preparing for natural disasters. This article was originally published on Sept. 17, 2018, and updated on Oct. 18, 2018, to reflect updates after Hurricane Michael. Previous Post Tax Preparer Ethics in the Modern World, Part 1 Next Post How to Be a Trusted Advisor Post Wayfair Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Practice Management Partnering to power prosperity Workflow tools Why we talk so much about QuickBooks® Online Tax Law and News Tax relief for victims of Hurricane Milton Advisory Services How tax pros work with controllers vs CFOs Advisory Services Helping clients with healthcare planning Practice Management Reshaping accounting: Millennials and Gen Zs Workflow tools 3 guides to moving your clients to QuickBooks® Online Practice Management Intuit introduces Intuit® Enterprise Suite Advisory Services 7 Intuit® Tax Advisor updates Advisory Services Debunking 3 common myths about reasonable comp