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
Untitleddesign2 4523114356

Cybersecurity and Productivity: Striking the Perfect Balance for Business Success

Barrett Earney - EarneyIT
Gretchen roberts 2021

5 Finance Topics Every Small Business Owner Should Master

Gretchen Roberts - Red Bike Advisors
Unknown 7112393341

Why Feasibility is Paramount to Success

Holly Segur - Lead Intuitively – Corporate Coaching

Trending News

Riverlights Could Add 73 More Townhomes To Mix, Site Plans Show

Staff Reports - Apr 18, 2024

Game Over For Michael Jordan Museum At Project Grace

Audrey Elsberry - Apr 19, 2024

City Approvals Push Forward Plans For Former Wilmington Fire Stations

Emma Dill - Apr 17, 2024

Surf City Embarks On Park’s Construction

Cece Nunn - Apr 19, 2024

Taking Marine Science On The Road

Lynda Van Kuren - Apr 19, 2024

In The Current Issue

Surf City Embarks On Park’s Construction

“Our little town, especially the mainland area, is growing by leaps and bounds. So having somewhere else besides the beach for kids to go an...


Info Junkie: Lydia Thomas

Lydia Thomas, program manager for the Center for Innovation and Entrepreneurship at UNCW, shares her top info and tech picks....


MADE: Makers Of Important Papers

W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season