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The jelly, butter, pork chops and everything else that was tossed after the powerless days following Hurricane Wilma likely totaled around $500, according to standard estimates by insurance companies.
As tax season reaches its climax, accountants and tax preparers say many filers are still unaware of the terrific tax breaks available to most residents of South Florida who lived in the area before Oct. 22, the day Hurricane Wilma hit.
The one-time provisions are part of a large tax-relief package passed by Congress intended to ease the financial burden of hurricanes -- Katrina, Rita and Wilma -- on persons who suffered losses not covered by insurance providers or FEMA.
These losses include damage to landscaping, fencing and such accessory structures as sheds, pool screens and gazebos, as well as auto body and home repair costs.
Manny Fernandez, an executive at a healthcare company in Palm Beach County, said he had no idea he could write off the costs of repairs to the shredded landscaping around his Atlantis home post-Wilma.
Ricardo Bernal, who manages an H&R Block office in Kendall, said he has had to send many customers back home to itemize their storm related expenses.
''They are not aware of the deductions they can claim because of the hurricane,'' Bernal said. ``They have to come back with the information so they can finish a nice return.
A couple in the 28 percent tax bracket, earning between $123,700 and $188,450, will save $280 for every $1,000 they claim in hurricane losses, Bernal explained.
Emery Sheer, a partner with the accounting firm Berenfeld, Spritzer, Schecter & Sheer, said some of his clients were taking advantage of other hurricane relief provisions allowing taxpayers to borrow money or withdraw from retirement accounts, such as Roth IRAs.
''Some people are borrowing to pay their insurance deductible or pay for $6,000 to $10,000 improvements, if they needed money to do repairs,'' Bernal said.
The tax relief allows the money to be distributed as income on tax returns over three years and is not subject to the usual tax penalties for early withdrawals.
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The jelly, butter, pork chops and everything else that was tossed after the powerless days following Hurricane Wilma likely totaled around $500, according to standard estimates by insurance companies.
As tax season reaches its climax, accountants and tax preparers say many filers are still unaware of the terrific tax breaks available to most residents of South Florida who lived in the area before Oct. 22, the day Hurricane Wilma hit.
The one-time provisions are part of a large tax-relief package passed by Congress intended to ease the financial burden of hurricanes -- Katrina, Rita and Wilma -- on persons who suffered losses not covered by insurance providers or FEMA.
These losses include damage to landscaping, fencing and such accessory structures as sheds, pool screens and gazebos, as well as auto body and home repair costs.
Manny Fernandez, an executive at a healthcare company in Palm Beach County, said he had no idea he could write off the costs of repairs to the shredded landscaping around his Atlantis home post-Wilma.
Ricardo Bernal, who manages an H&R Block office in Kendall, said he has had to send many customers back home to itemize their storm related expenses.
''They are not aware of the deductions they can claim because of the hurricane,'' Bernal said. ``They have to come back with the information so they can finish a nice return.
A couple in the 28 percent tax bracket, earning between $123,700 and $188,450, will save $280 for every $1,000 they claim in hurricane losses, Bernal explained.
Emery Sheer, a partner with the accounting firm Berenfeld, Spritzer, Schecter & Sheer, said some of his clients were taking advantage of other hurricane relief provisions allowing taxpayers to borrow money or withdraw from retirement accounts, such as Roth IRAs.
''Some people are borrowing to pay their insurance deductible or pay for $6,000 to $10,000 improvements, if they needed money to do repairs,'' Bernal said.
The tax relief allows the money to be distributed as income on tax returns over three years and is not subject to the usual tax penalties for early withdrawals.
This is cache, read story here
