Follow Karen Linkedin Twitter Facebook
Email Karen Email
Financial
Jun 19, 2018

Be Financially Prepared for Hurricane Season

Sponsored Content provided by Karen Durda - President, Enrolled Agent, Century Accounting and Tax Services, Inc.

We have entered the dreaded “hurricane season” and, while the sky and sea remain clear, we must think ahead and make plans.
 
Thus far, the eastern North Carolina area where we live has been relatively free of a major storm in the past few years.
 
So, why is a tax accountant giving insights on hurricane preparedness? Because 1) tax laws have changed that may affect you and 2) it’s always great to have a reminder or two handy.
 
We have heard and read many times about getting prepared for a major storm by buying water, etc. but there are a few more handy tips you should know:

  • Use your dishwasher (without the dishes, of course) to hold valuable papers.
  • Make a list of your important insurance policy numbers. If there is no electricity you may not have a charger for your phone.
  • In the past, any losses not covered by a storm or other unintended incident may have been filed to reduce your taxes if the loss was great. Due to the new tax laws taking effect this year, casualty thefts and other losses have gone away as a tax deduction.
  • There will be many scams that pop up immediately following a storm. Be aware that if it sounds too good to be true, it probably is. Shady contractors, charities, loans, job listings and rental listings for non-existent properties are just a few of the opportunities that arise.
  • If you feel that your identity was stolen, you need to contact the IRS, as well as credit card companies, banks and the Social Security Administration. The IRS has a form that must be submitted (14039 Identity Theft Affidavit) and they will send you a secure PIN to use when filing your tax returns, so that you can have no problem identifying to them that it is truly you.
Karen S. Durda, EA, President of Century Accounting and Tax Services, Inc., has been in the profession since 1984. As an Enrolled Agent credentialed by the Treasury Department, she has the rights as afforded by Congress to represent individuals and businesses before tax authorities. Since May 2012, she has also had the distinction of being a Dave Ramsey Endorsed Local Provider, assisting in budgeting and financial peace for a four-county area and parts of Myrtle Beach.As a Qualified Business expert with the New Hanover County courts, she has experience and knowledge of various scopes of professions and industries, such as medical, health services, legal, construction, retail, real estate, auto sales and service, insurance and restaurant. Continuous tax law courses throughout the year keep her up-to-date on all tax rules, regulations and law changes, as well as business trends, to better serve her clients.

Century logo final 11918114327
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mikestonestreetcropped 862150530

Heading Back To Class: The Importance Of Board Member Education

Mike Stonestreet - CAMS (Community Association Management Services)
Dave sweyer 300 x 300

RENTAL PROPERTIES: TO FURNISH OR NOT TO FURNISH?

Dave Sweyer - Sweyer Property Management
Capefearrealtors tomgale headshot

How REALTORS® Can Help With Home Safety Issues

Tom Gale - Cape Fear REALTORS®

Trending News

Restaurants, Retailers Among 192 Businesses Receiving Pandemic Relief Grants

Staff Reports - Sep 22, 2021

Mayfaire Announces Opening Dates For New Stores

Cece Nunn - Sep 21, 2021

More Than 51 Acres Sell In Leland

Cece Nunn - Sep 21, 2021

New Restaurant Opening Saturday In Ogden

Justin Pope Williams - Sep 22, 2021

Custom Builder Moves Into New Office After Repurposing Former Church Building

Cece Nunn - Sep 23, 2021

In The Current Issue

Geospatial Startup Maps Growth

Providing a highly demanded service in a niche industry has allowed Wilmington-headquartered technology company Geo Owl to grow as an innova...


MADE Winners: Arts Category

Filmwerks, House of Harris and T. Shaw Designs were winners in the MADE Awards Arts Category...


MADE Winners: Functional Product Category

Cape Fear Solar Systems, ComfyChemo LLC and Craftspace Inc. are winners in the MADE Awards Functional Product Category....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100