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
Billhunter300x300 b&w

Old School - The Hidden Value of Handwritten Notes

Bill Hunter - Wilmington Design Company
Jim ellis headshot 10311631058

Questions to Ask Before Choosing a Digital Agency

Jim Ellis - Signal
Hewet60

I Disagree.

Ron Hewett - Academy Leadership

Trending News

Entrepreneur Richard Johnson's Latest Project Aims To Boost Burgaw

Johanna Cano - Jun 14, 2019

Nearly Done With The Pearl, Developer Plans 32 More Downtown Apartments

Cece Nunn - Jun 14, 2019

Plastics Molding Manufacturer Gets Its Start In Wilmington

Christina Haley O'Neal - Jun 14, 2019

New Hanover Regional Grows To A $1.2B Operation

Vicky Janowski - Jun 14, 2019

Field Of Vision

Jenny Callison - Jun 14, 2019

In The Current Issue

MADE: Production Capacity

From power cords to nuclear fuel, manufacturing companies across the Cape Fear region are making a wide range of products. Here’s a recap of...


First Carolina To Open Full-service Branch

First Carolina Bank, which has maintained a loan production office in Wilmington since September 2017, will open a full-service branch here....


Providers Keep Close Eye On Measles Issue

With the largest measles outbreak in the U.S. in 25 years, area health providers will continue to promote the need for keeping up-to-date on...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018