According to Climate.Gov, there were 27 natural disasters in 2024 that caused over $183 billion in damages — and many Americans affected may qualify for tax relief.
Jackson Hewitt Tax Service chief tax information officer Mark Steber joins Wealth host Madison Mills to share key insights on how those impacted by severe weather events can benefit from tax deductions and relief.
"The first thing is not to put a priority over your family's safety and security. Taxes are important, and there's certainly something you can't get away from, but it's not the most important thing," Steber says.
He further notes the importance of understanding tax rules for disaster victims. "There's a lot of crazy rules and loopholes in the law. Some of the best rules for American taxpayers, especially those disaster-affected, are in... the federal declared disaster rules," Steber details.
When discussing deductions, Steber emphasizes the need to itemize losses: "The reality is, if you lost a house or a property, or even [had] damage or even yard debris, or whatever it might be, you can get past those pretty minimal standard deductions."
Additionally, Steber stresses the importance of documentation, saying it's crucial to quickly gather video footage of the damage.
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This post was written by Josh Lynch